An insider told Radar.com that it was no coincidence that the 76-year-old star hasn't been seen on the silver screen for a while.
"Jack has -- without fanfare -- retired," the insider claims. "There is a simple reason behind his decision -- it's memory loss. Quite frankly, at 76, Jack has memory issues and can no longer remember the lines being asked of him."
The three-time Academy Award winner last starred in 2010's "How Do You Know" alongside Reese Witherspoon, Paul Rudd and Owen Wilson.
According to the source, “His memory isn’t what it used to be.”
Nicholson began his Hollywood career in 1950s when he played the role of Jimmy Wallace in "The Cry Baby Killer."
His 12 Oscar nominations make Nicholson the most nominated male actor in Academy Award history. He's won the Best Actor award twice for his performances in "One Flew Over the Cuckoo’s Nest" and for "As Good as It Gets." And also received an award for Best Supporting actor for his role in "Terms of Endearment."