Ariana Grande and Pete Davidson are over.

The singer, 25, and “SNL” star, 24, called off their engagement over the weekend, according to TMZ. Sources close to the former couple say that the decision was mutual and acknowledged that it was simply too soon and not the right time. The two still have love for each other, but are done romantically.

“It was way too much too soon,” a Grande source tells PEOPLE. “It’s not shocking to anyone.”

Just weeks after they first started dating around May, Davidson proposed to Grande with a 3-carat diamond ring that reportedly cost around $100,000. Following their surprise engagement, they moved into a $16 million apartment in Manhattan’s Chelsea neighborhood and adopted a pet pig.

“I feel like I won a contest,” Davidson told Jimmy Fallon during an appearance on “The Tonight Show” in June.

The couple’s split comes at a difficult time for Grande, who’s been dealing with the loss of ex-boyfriend Mac Miller, who died from an apparent drug overdose on Sept. 7. Over the weekend, she pulled out of F–k Cancer’s Barbara Berlanti Heroes fundraising gala in Los Angeles where her manager Scooter Braun was speaking and his wife, Yael Cohen, was being honored.

“Someone I’m very close to was supposed to come sing for you today, and because of things that she’s going through, she couldn’t be here today,” Braun said of Grande (via E! Online). “And while I was frustrated, being the manager, my wife, being who she always is, just looked at me and she goes, ‘She needs this time.’”

As of Sunday, Grande has not removed mentions and photos of Davidson from her social media accounts, but Davidson has disabled his social accounts.

And while the couple may be over for now, TMZ says they “aren’t ruling out the possibility of anything in the future.”