Palmer selected Jessica Bowlin (search) from the 25 women competing for his affection on the most recent season of the ABC reality dating show.
He told Bowlin during last month's finale that his "gut instinct" was telling him they were meant to spend their lives together, but added, "I am not ready to propose to you tonight. I think that we need more time to grow and learn about each other."
On Thursday, the couple told the syndicated TV entertainment show "Extra" that they'd mutually agreed to end their relationship.
"Jessica and I shared an incredible romantic journey on the show that began with a friendship that remains strong today," said Palmer, 25. "We simply realized that, individually, our next steps take us in different directions."
Bowlin, a 22-year-old California law student, added: "With too much distance and too little time these were not ideal circumstances in which to start a relationship. Jesse is a great guy and has a wonderful family. Who knows what the future holds?"
Telepictures Productions, which produces "The Bachelor," confirmed Thursday that the couple had broken up but declined to provide further details.
None of the previous "Bachelor" bachelors — Alex Michel, Aaron Buerge, Andrew Firestone and Bob Guiney — has ended up with the women they chose on the show.
The two women who starred in "The Bachelorette" have fared far better — Trista Rehn (search) married the man she chose, Ryan Sutter (search), in a $4 million televised ceremony, and Meredith Phillips is engaged to Ian McKee.