just dump him or her as nicely as u can. and ask to just be friends.
ANSWER:
The best way to break up the relationship is just tell him or her. don't make an excuse or even wait to tell him or her. The more you linger, the more it will be hard for you to break up. The man that I married was waiting to break up with his mistress, his excuse was he doesn't want to hurt her. Even he told me that he already planning to break up with her, he still find himself to call her and be with her. For your sanity, just tell him or her..
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There is no good way to end a relationship, unless it is by mutual consent. Talk it over and be honest as to the reasons why you want to finish.