We think.

The couple have not "consciously uncoupled" like Gwyneth Paltrow and Chris Martin. Or gone out for frozen yoghurt, like Ross suggested to Rachel in the now classic scene from Friends. They have instead decided to take some "respectful, loving space" from their year-long relationship and each other.

"Before rumours or falsifications get out of hand, we can confirm that Orlando and Katy are taking respectful, loving space at this time," a joint, albeit vague, statement from both of their representatives said.

The news comes just days after they were photographed partying together at the Vanity Fair Oscars Party and just hours after Bloom posed with Perry's dog, Butters, on Instagram.

Bloom's ex-wife, Miranda Kerr was also unaware of any ripples, recently gushing over Perry's step-mothering skills.

The model/mogul opened up about the pair late last week at the Harper's Bazaar 150 Most Fashionable Women event in Hollywood. 

When asked how Flynn, 6, gets along with his dad's partner, Kerr confirmed it was all happy families.

"Yeah, they're great," she said of Flynn and Perry. "They get along really well. We are a modern family."

Kerr divorced Bloom in 2013 after three years of marriage.

Perry and Bloom reportedly began dating back in January last year and throughout that time have given the internet a wealth of content.

In September they went to Burning Man, rode segways and filmed it for Instagram.

For Halloween, the pair dressed as Hillary Clinton and a cartoonish Donald Trump.

At Christmas they delivered gifts to a children's hospital.

We'll have more on this developing story as the status of their "space" unfolds.