Tom Cruise and Katie Holmes split?

Celebrity Magazine Life & Style is reporting that Tom Cruise and Katie Holmes have agreed to call off their wedding — and, ultimately, to split. Star Magazine counters the Life & Style claim with an exclusive statement from Tom's rep, Paul Bloch, "This is totally and 100 percent untrue." Plus, a Holmes family friend in Toledo, Ohio, tells Star, that there is no "buzz" whatsoever in Toledo, Katie's hometown, about a split.

In another statement issued through their publicist, Cruise and Holmes said that the Life & Style cover story is full of "malicious fallacies." "Mr. Cruise and Ms. Holmes are still engaged and moving forward with their wedding plans, as well as planning for the arrival of their child," the statement read. "The couple is looking forward to a long and happy life together as a family."

Cruise and Holmes announced in early October that they were going to be parents reports MTVnews

According to the Life & Style report, multiple insiders confirmed the story to Life & Style, with one longtime friend of Tom’s saying: “Their relationship is basically over.� Another friend adds: “They both agreed that the marriage wouldn’t work and they wanted to end it before they learned to hate each other.�

The insiders say that Tom, 43, and Katie, 27, plan to keep up the charade of a romance until after their baby’s birth this spring. In the meantime, the couple will live in his Beverly Hills home — though sleeping in separate bedrooms — through the summer. Then, presumably, they’ll announce a separation — but Tom plans to buy Katie a home nearby so he can visit his child whenever he wishes.

“They’ll share custody,� says the friend, who claims the couple are drawing up a legal document to provide for Katie’s and the baby’s financial well-being for life. “Tom will set up Katie and the baby,� adds the pal.

Twice-married Cruise, and Holmes, began dating in April, but far from keeping their relationship low-key, the "Mission: Impossible" star became the butt of jokes in May after publicly declaring his passion for his new girlfriend in a manic, couch-jumping appearance on "The Oprah Winfrey Show."

He proposed to Holmes in June at the Eiffel Tower in Paris and announced their engagement the next day at a news conference reports Reuters