The couple released a statement and said things were "moving a little too fast," reports People. "Regretfully, To Our Friends and Supporters: Will and I have decided we were moving a little too fast, and there were a number of things that had not been thought through thoroughly," said Franklin, 69. "There will be no wedding at this time."
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"We will not comment on it any further because of the very personal and sensitive nature of it. We appreciate all of the many well wishes from friends," the statement concluded.
The two announced their engagement on January 2 and from there plans took off. Franklin was said to be collaborating with Donna Karan and Vera Wang to create her wedding gown. The Queen of Soul was even scouting locations for her summer wedding -- saying either Miami or a friend's home on the beach in the Hamptons would be ideal.
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When asked why she's choosing to get married a third time around, she simply replied, "I like being married. It's an institution that I like. So momentarily I don't see any reason why I shouldn't be married."