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A source close to the actress told CNN that the split had occurred earlier this year.
"Michelle and Phil broke up early in the year, it was an amicable spill and they remain friends," the source told CNN.
A representative from Williams declined to comment. CNN has also contacted Elverum representatives and is waiting for an answer.
Williams described his relationship with Elverum to Vanity Fair as "very sacred and very special".
The 38-year-old actress, known for her roles in the television series "Dawson's Creek" and the movie "Brokeback Mountain", previously had a three-year relationship with actor Heath Ledger. They had a daughter before Ledger died of an accidental overdose of prescription drugs in 2008.
Elverum, leader of The Microphones and Mount Eerie groups, lost his wife Geneviève Castrée to pancreatic cancer in 2016. Both had a daughter together.
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