Legendary singer Cher, 77, has reportedly canceled her wedding plans with 37-year-old producer Alexander "AE" Edwards, following concerns from friends and family that he may be using her to further his own career and endangering her $380 million fortune.

"For a while, Cher followed this guy around like a lovesick puppy, but the blinders seem to be coming off," says an insider, cited by National Enquirer.

Cher has reportedly begun to see Edwards in a different light, with another source stating, "Cher's starting to see Alexander in a different light." Recently spotted in L.A. without the massive diamond ring given to her by Edwards, it is speculated that she may have paid for the ring herself.

Since meeting Edwards last fall in Paris, Cher has reportedly been indulging her younger beau with lavish gifts, raising concern among her inner circle. "Cher has always been so careful about her money, but she was throwing it at this guy and funding his over-the-top lifestyle!" reveals a friend.

However, sources claim that Cher is now heeding the warnings of her worried friends and children, Chaz Bono, 54, and Elijah Blue Allman, 46, who feared that Edwards was eyeing their inheritance. Insiders have suggested that Edwards had a controlling influence over Cher, who had planned to record two albums under his direction.

But according to insiders, Cher's enthusiasm for the relationship began to wane as she felt it was one-sided, grew frustrated with his evasive behavior, and clashed with his domineering attitude in the recording studio. "AE's always inviting his friends over for parties — and he goes missing and doesn't answer his phone," explains the insider.

Moreover, sources claim that the couple's professional collaboration turned into a power struggle as Edwards failed to acknowledge Cher's extensive experience in the industry. Insiders reveal that the strong-willed singer resisted his authority because she hasn't allowed anyone to dictate her actions since her teenage years when late partner Sonny Bono managed her career.

"AE wasn't even born when Sonny & Cher were topping the charts in the '60s," another confidant states. "Things didn't go well when he started barking orders in the studio like he does with younger artists." Sources indicate that spending so much time together made Cher realize their different interests and significant age gap would make a lasting marriage unlikely. "This was going to happen eventually — or so her friends think," notes the insider. "They just hope she's OK."