Hollywood legend Jack Nicholson has reportedly decided to retire from the business due to memory loss.

“Jack has — without fanfare — retired,” a Hollywood insider told RadarOnline. The source claims that “memory loss” is the key reason for the 76-year-old’s decision.

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

Nicholson’s rep did not provide a statement confirming the news, but fans have assumed it’s true and his name is trending on Twitter at the moment.

The actor has not been in a film since 2010’s How Do You Know, directed by James L. Brooks, who directed Nicholson in Oscar-winning performances in Terms of Endearment and As Good as It Gets. He has only made seven films since 2001, including the Best Picture winner The Departed.

Nicholson won his first Oscar for 1975’s One Flew Over The Cuckoo’s Nest, another Best Picture winner. His other well-known films include Chinatown, Five Easy Pieces, The Shining and Batman. His career began in the late 1950s, when he began working in Roger Corman B-movies. He gained mainstream fame after appearing in Easy Rider.

He presented the Best Picture Oscar at the ceremony in February with first Lady Michelle Obama’s help.

There were reports that he was being courted for Robert Downey Jr's The Judge, but the role ended up going to Robert Duvall.

image: ABC