Matthew McConaughey and Penelope Cruz Separate

Amid the recent boom of Hollywood couples and celebrity babies, another celebrity relationship has hit the skids and this time it is Matthew McConaughey and Penelope Cruz. In an exclusive with People magazine, Matthew McConaughey and Penelope Cruz issued a collective statement, revealing the two Hollywood stars have decided to take time off from their relationship, "Due to busy work schedules and so much time apart, they mutually decided four weeks ago that separating was the best thing to do at this time."

Fresh off of her relationship with Mission Impossible III star Tom Cruise, in 2004 Penelope Cruz became enamoured with actor Matthew McConaughey while both were filming the movie Sahara. Since then, however, it appears the couple has had a hard time finding the quality time necessary to sustain a long term relationship. According to E Online, the couple is currently split between two different locations and both on the job, "Of late, McConaughey has been in the South filming the football biopic We Are...Marshall, while Cruz has been in Spain filming the bullfight drama Manolete."

Although Matthew McConaughey and Penelope Cruz can't find the time to mend their relationship, ET reports the two may be together again in a different form sooner than later, "Interestingly, both stars are reportedly set to reunite -- at least on screen -- for the upcoming movie adaptation of 'The Loop.'"

Born in Uvalde, Texas, Matthew McConaughey is a graduate of the University of Texas at Austin and got his start in acting with his feature film debut in director Richard Linklater's 1993 hit Dazed and Confused. Since then, Matthew McConaughey has gone on the rack up 21 feature film credits, including A Time to Kill, Amistad, U-571, Frailty and most recently Failure to Launch.

A native of Madrid, Spain, Penelope Cruz is fluent in four languages - Spanish, Italian, French and English - and first rose to acting fame overseas in 1992 in such foreign films as Jamón, Jamón and Belle Epoque. Penelope Cruz has since mad a big name for herself in the acting circles having appeared in such films as Blow with Johnny Depp, Captain Corelli's Mandolin with Nicolas Cage, Vanilla Sky with former lover Tom Cruise, and Gothika with Halle Berry.

In recent years, Matthew McConaughey has been reported to have been romatically involved with sucg stars as Sandra Bullock and Ashley Judd, while Penelope Cruz was rumored to be romatically linked to Nicolas Cage prior to her widely publicized three year relationship with Tom Cruise.

[Additonal Sources: People, E Online, ET]