The beloved and veteran actor Jack Nicholson might be retiring from acting. According to the Daily Mail, a source reportedly told Star Magazine that the 76-year-old actor was quietly removing himself from the acting scene due to memory loss.

The source says Nicholson hasn't officially made the announcement but doesn't want any kind of "tribute" because of his departure.

"Jack has - without fanfare - retired," the source told the magazine. "There is a simple reason behind decision - it's memory loss."

The source didn't say whether the alleged memory loss was anything dire but did say the actor now has a hard time remembering his lines.

"Quite frankly, at 76, Jack has memory issued and can no longer remember the lines being asked of him," the source said. "His memory isn't what it used to be."

Nicholson hasn't appeared in a movie since 2010 when he starred in "How Do You Know" with Reese Witherspoon, Paul Rudd and Owen Wilson. According to rumors he is said to have turned down the role for an upcoming movie called "Nebraska." He was going to play an "aging alcoholic father" but he told producers he wasn't interested in the movie, the Daily Mail reports. instead the role went to 77-year-old actor Bruce Dern.

The source claims that even though Nicholson is retiring from movies he will still be in the limelight and won't be hiding out.

"He's not retiring from public life, at all," the source said. "He just doesn't want a tribute. He's happy to tacitly join the retirees club like Sean Connery."

He was first introduced to the Hollywood scene in the 1950s when he worked at MGM Studios. He made his first film debut in 1958 when he landed the lead role in "The Cry Baby Killer."