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Has Jack Nicholson Retired From Acting? [UPDATED]

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Jack Nicholson presents the Best Picture award during the Oscars at the Dolby Theatre on February 24, 2013 in Hollywood. (Photo by Kevin Winter/Getty Images)
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Has Jack Nicholson quietly retired? RadarOnline.com is reporting that the acting legend has made his last film.

"Jack has—without fanfare—retired," a "well-placed Hollywood film insider" tells the site.

"There is a simple reason behind his decision—it's memory loss," claims the source. "Quite frankly, at 76, Jack has memory issues and can no longer remember the lines being asked of him. His memory isn't what it used to be."

The star of such classic films as One Flew Over the Cuckoo's Nest, The Shining and Chinatown has not made a film since 2010's How Do You Know with Reese Witherspoon, which was a box-office disappointment.

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According to RadarOnline, Nicholson turned down a juicy role in the upcoming film Nebraska, about an aging, alcoholic father who makes the trip from Montana to Nebraska with his estranged son to claim a million dollar sweepstakes prize. The role went instead to Bruce Dern.

However, Nicholson, who just presented Best Picture at this year's Oscars, reportedly hasn't ruled out appearances like that (there is a TelePrompter after all) and will still attend his beloved Lakers games.

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

Speaking of Connery, Michael Caine recently took issue with a German magazine that quoted him as saying his old The Man Who Would Be King co-star also suffered from memory issues, namely, Alzheimer's disease. Caine told The Daily Record, "It's completely preposterous, bull****. This stuff about Alzheimer's is just nonsense."

Connery, who is now 83, announced his retirement in 2011.

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Nicholson holds the record for most Oscar nominations for an actor (12) and won three, for One Flew Over the Cuckoo's Nest, Terms of Endearment and As Good As It Gets. He was last nominated for 2002's About Schmidt.

UPDATED, 8:03 P.M. E! Online reports that NBC's Maria Shriver (who is also the former First Lady of California and a friend of the actor's) says the rumors of Nicholson retiring and having memory loss are "100 percent false."

A different source than the one who talked to RadarOnline says that Nicholson is "actively reading scripts" and looking forward to his next project, whatever it may be.