Jessica Biel and Justin Timberlake are each back on the market -- because their relationship is positively kaput ... this according to a source close to the former couple.
We're told the break-up was a pretty mutual decision ... and both parties still "love and respect each other."
The two had been dating since 2007.
UPDATE: The couple's reps released a joint statement confirming the split -- and saying, "The two remain friends and continue to hold the highest level of love and respect for each other."
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