Jack Nicholson has reportedly retired from acting, but the news remains a secret.

RadarOnline.com reported that the 76-year-old actor, best known for his roles in One Flew Over The Cuckoo's Nest, Batman and Anger Management has quietly put the acting business behind him, due to his aging.

"Jack has - without fanfare - retired," a source said."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 Academy-Award winning actor's last film was How Do You Know in 2010 that featured Reese Witherspoon, Paul Rudd and OwEn Wilson.

Producers for the upcoming film, Nebraska reportedly expressed interest in Nicholson and wanted him to play the role of an aging, booze-addled father, who travels from Montana to Nebraska with his estranged son in order to claim a million dollar Mega Sweepstakes Marketing prize. The part went to Bruce Dern, after Nicholson told producers he was not interested, the source claimed.

"His memory isn't what it used to be," the source said.

Nicholson got his Hollywood start in the 1950's. He first worked as a golder for animation legends William Hanna and Joseph Barbera at the MGM cartoon studio, before pursuing his dream on the big screen.

In 1958, he made his acting debut in a low-budget The Cry Baby Killer, playing the title role.

He won an Oscar for Best Supporting Actor for the film, Terms of Endearment in 1983.