The "High School Musical" alum, who is 33, allegedly met Valladares, 25, at a general store in New South Wales, where she worked as a waitress.
The Daily Telegraph reports that the two have since split after 10 months of dating. A rep for Efron did not immediately respond to Fox News' request for comment.
Efron and Valladares were spotted together frequently in Australia during the last year. They were last photographed in March filming Efron's Netflix show "Down to Earth."
According to the Daily Mail, Valladares quit her job to be able to spend more time with Efron.
Valladares is reportedly an aspiring model. She has nearly 90,000 followers on Instagram.