Rumors are circulating that Jack Nicholson is retiring from acting due to memory loss.

Radar Online and Star Magazine say Jack Nicholson, the 76-year-old, three-time Oscar-winning actor, is suffering from memory loss due to his age and can no longer remember the lines in scripts for movies. However, he will continue to play an active role in public life.

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

"Jack has no intention of retiring from the limelight," Radar's source continued. "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."

However, NBC's Maria Shriver confirmed to E! News that reports of Nicholson retiring from acting due to memory loss or dementia are false. E! News reports that Shriver said Nicholson is not suffering from any memory-related illness or dementia and has no current plans to retire from movies.

In fact, a source close to Nicholson says the award-winning actor is actively reading scripts and is looking forward to his next project, E! News writes.

Yet according to The Guardian, Jack Nicholson currently has no films on the table.

Neither Nicholson nor his representatives have so far made any public comment on the reports of his retirement, The Guardian reports.

Since turning 70, Nicholson has only been seen on the big screen twice. His latest movie was in 2010, when he played the father of a business executive facing jail over alleged corporate malfeasance in the Reese Witherspoon and Paul Rudd romantic comedy drama "How Do You Know," The Guardian writes.

His other film was 2007's "The Bucket List."