Drew Carey & Fiancée Nicole Jaracz Call Off Engagement

01/26/2012 at 01:45 PM EST

Drew Carey Ends Engagement with Nicole Jaracz
Drew Carey and Nicole Jaracz in Nov. 2011
Adam Nemser/Startraks
It's over for Drew Carey and his longtime fiancée.

The Price Is Right host and Nicole Jaracz have ended their nearly five-year relationship. "He and Nicole still have a great deal of love and affection for one another," Carey's rep tells PEOPLE in a statement. "He will still be very involved with their son's life."

Carey, 53, and Jaracz announced their engagement in Oct. 2007. At the time, Jaracz had recently graduated from culinary school.

"They are both very happy and excited about their future together," Carey's rep said at the time, adding that no wedding date had been set.

In 2010, Carey dropped 80 lbs., and attributed his significant weight loss to the inspiration of his fiancée and her son, Connor, now 6.

Noting that he'd get winded while trying to keep up with the boy, Carey told Parade then, "That was a terrible feeling. I thought, I'm never going to see him graduate high school."

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