So, you're saying I have a chance?

TMZ

We're told the break-up was a pretty mutual decision ... and both parties still "love and respect each other."

The two had been dating since 2007.

UPDATE: The couple's reps released a joint statement confirming the split -- and saying, "The two remain friends and continue to hold the highest level of love and respect for each other."

Read more and see pictures: Jessica Biel and Timberlake -- It's Over!!! | TMZ.com.