Jack Nicholson has allegedly retired from his acting career due to memory loss, The Guardian reported Wednesday.

According to Star Magazine and Radar Online, Jack Nicholson has decided to withdraw from acting at 76, but will remain an active public figure.

"There is a simple reason behind his decision - it's memory loss," a Radar Online source said. "Quite frankly, at 76, Jack has memory issues and can no longer remember the lines being asked of him."

The three-time Oscar-winner has not appeared in any film since 2010, when he starred in Reese Witherspoon and Paul Rudd romantic comedy drama 'How Did You Know' as the father of a business executive who has to serve jail time after an alleged corporate malfeasance.

Nicholson's other movie project was back in 2007's 'The Bucket List' when he turned 70.

Jack Nicholson has received three Oscars namely: best actor for 1975's 'One Flew Over the Cuckoo's Nest' and in 1998's 'As Good As It Gets,' as well as best supporting actor for 1984's 'Terms of Endearment.'

The 76-year-old actor also holds the record for having the highest number of Oscar nominations for a male actor. He was reported to have been nominated 12 times.

According to reports earlier, Jack Nicholson will continue joining the annual awards ceremony whenever he is invited as guest presenter. Earlier this year, he handed over the best picture trophy with Michelle Obama.

"Jack has no intention of retiring from the limelight," the source added. "He's not retiring from public life, at all. He just doesn't want a tribute. He's happy to tacitly join the retirees' club, like Sean Connery."

Meanwhile, according to E! Online, NBC anchor Maria Shriver denounced the claim the Nicholson is to retire, and even insisted that the actor is "not suffering from any memory-related illness or dementia."

Nicholson has reportedly refused to play an alcoholic father in Alexander Payne's 'Nebraska' and was given to 77-year-old Bruce Dern, who won the best actor recognition for his portrayal during this year's Cannes film festival.

Reports stated that Jack Nicholson is to star with Clint Eastwood and Warren Beatty as retired superheroes in Matthew Vaugn's 'The Golden Age,' but no official announcement about the movie proposal has been released yet.

The actor and his representatives have not commented on the retirement issue as of late.