Jack Nicholson, the most-nominated actor in Oscar history, has reportedly retired from the film industry due to memory loss that he’s been dealing with for the past few years.

Update: An insider close to Nicholson has refuted the reports that he has retired in a statement to NBC News. The source says that the rumors are “100% false,” and that Jack is “actively reading scripts and is looking forward to his next project.”

According to Radar, sources close to Nicholson have explained that his “memory issues” are why he’s slowly retired from the film industry. His memory loss is apparent enough that he’s decided not to plan on scheduling any future films.

There were hints that he may be headed towards the beginning stages of Alzheimers, but there’s apparently no direct indications that he has any specific disease.

Nicholson’s last film was a supporting role in 2010’s How Do You Know, playing Paul Rudd’s father alongside Reese Witherspoon.

Jack Nicholson has been a cornerstone in Hollywood since the early ’60s. Having been nominated for 12 Oscars (eight for Best Actor, four for Best Supporting Actor), Nicholson is the most-nominated (male) actor in The Academy Awards’ history.

In 1976 he won for one of his most memorable roles, One Flew Over the Cuckoo’s Nest. This is still seen as one of his best performances of his career. He continued to win throughout the next few decades, ending up with three Oscars and 12 nominations.

ScreenCrush reports that Jack was recently offered the starring role in Nebraska, which would have paired him back up with About Schmidt director Alexander Payne. He turned down the part and that’s apparently the last role he’s publicly declined to take.

It’s unlikely we’ll see an official response from Jack Nicholson, as he’s “old Hollywood,” but we imagine we’ll still see him courtside at Lakers games and of course grinning at the camera during the Oscars. The last time he was nominated for an award was for his supporting role in The Departed during the 2006 Golden Globes.

We wish the incredibly talented actor the best and hope that his recent health issues are minor and manageable as he continues to enjoy his long life as Hollywood royalty.