Britain's The X Factor judge Walsh created the band in the early 1990s and 2000s, despite a long period is more than 20 million records sold worldwide.
In 2007 he made a comeback, but the band just two years after the incident was under (09) when bandmember Stephen Gately Majorca died suddenly at his home in Spain.
A source tells the publication, "Louis has told Boyzone they're finished. Ronan doesn't want to accept it but without Louis they have no chance. The affair changed everything for many fans. It destroyed the family-friendly image that made the band popular.
"They kept a diehard fanbase but the 'Brother' tour earlier this year wasn't a big success. Louis didn't bother seeing a single show. (They) just couldn't compete with the Take That comeback and lots of tickets weren't sold. So Louis decided it was the right time for the band to finish."