Jack Nicholson
Actor Jack Nicholson speaks after winning the best villian award for his role in "The Departed" at the 2007 MTV Movie Awards Reuters

Rumors that award-winning actor Jack Nicholson is retiring began to circulate the web Wednesday after Radar Online published an article that cited an anonymous source who said his memory isn’t what it used to be. But according to E! Online, the rumors are plain cuckoo.

“Jack has -- without fanfare -- retired,” a “well-placed Hollywood film insider” told Radar Online about the “Shining” star.

“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 anonymous source added.

Can you handle the truth?

NBC’s Maria Shriver told E! Online that the gossip is “100 percent false.” She added that Nicholson has no current plans to retire from acting and that he is not suffering from dementia or any other type of memory-related illness.

Furthermore, a different source, who is said to be close to the three-time Oscar winner, said he is currently reading scripts in anticipation for a future project.

Nicholson is known for, among 75 films over 55 years, "Five Easy Pieces," “The Shining,” “Chinatown,” “As Good As It Gets,” and 2006’s “The Departed,” which also started Hollywood heavy hitters like Leonardo DiCaprio and Matt Damon. His last film was 2010’s “How Do You Know,” which didn’t exactly get the best reviews.

The Twitterverse has responded to the unsettling allegations. Some people assumed the Hollywood legend had already retired from acting, while others were concerned with his mental health. Check out some of their comments below: