With almost 300 million records sold, more than fifty "Top 40" hits, five Grammys, an Oscar, and 3,000 gigs under his belt, Elton John has informed close friends he is all set to step out of the limelight. Sources say he plans to announce his retirement around in March, coinciding with his 70^th birthday.

Daily Mail reports that the singer wants to devote his time with his family, raising the two kids he has with husband David Furnish. He also wants to be more hands-on with the "Elton John Aids Foundation," which he established in 1992 to support HIV-related causes.

The tabloid cites its source as an unnamed friend close to John, who reportedly said, "Elton has seen and done it all, and has nothing left to prove." Apparently, John planned to stay active for two more years before retiring in 2018. However, he decided to hasten the retirement due to the poor sales of his most recent album, "Wonderful Crazy Night."

This was John's 32nd album, released in February and hit number 6 on the UK chart. However, it did not come close to the sales of his classic "Goodbye Yellow Brick Road" which sold over 30 million copies worldwide.

Shortly after the Daily Mail story came out, John quickly diffused rumors. In his Instagram account, the singer cautioned his fans not to "believe what you read in the papers today." He posted a throwback photo of him and songwriter Bernie Taupin, and in the caption, he wrote that he looks forward to celebrating 50 years of collaboration with the lyricist next year. If that wasn't enough to shoot down retirement rumors, John's website advertises concerts and appearances through July 20, 2017.

Besides, the declining sales of his latest album didn't seem to faze the singer. Jobs & Hire has previously reported that John has a possible net worth of $440 million. Also, in an earlier interview with "Good Morning Britain," John was very candid and good-natured about sharing the spotlight with the younger generation. He says he's accepted that his records don't sell well anymore because "people have enough Elton John records in their collection."