The Hollywood A-listers got together shortly after the Shake It Off hitmaker ended her 15-month relationship with DJ Calvin Harris in June.
Since the inception of their love affair, Tom and Taylor have been under intense media scrutiny, and the pressure from the press has been cited as the primary cause for their alleged break-up.
"She was the one to put the brakes on the relationship," a source tells Us Weekly magazine. "Tom wanted the relationship to be more public than she was comfortable with. Taylor knew the backlash that comes with public displays of affection but Tom didn't listen to her concerns when she brought them up."
Within weeks of getting together, Swift and Hiddleston had become inseparable and she even tagged along to Australia to be by his side while he filmed his new movie, Thor: Ragnarok.
However, it seems their relationship started to become unmanageable last month, when they are rumored to have had their first blowout argument.
"It was an intense start," an insider commented on their whirlwind romance. "No one can keep that kind of momentum going."
Despite the reported split, Tom and Taylor have remained on good terms.
"They get along great and will remain friends, but they just don't see it working romantically right now," the source adds.
Representatives for the stars have yet to comment on the news, but Tom previously alluded to the toll the media scrutiny had had on his private life, telling The Hollywood Reporter in August: "It's interesting, we all live in a world where every phone has a camera, and there's nothing new really about the spotlight on me. I think the spotlight, that's what happens when you're a public figure."