Sylvester Stallone
Sylvester Stallone, nominated for Best Supporting Actor for his role in "Creed", gestures as he arrives at the 88th Academy Awards in Hollywood, California, Feb. 28, 2016. REUTERS/LUCAS JACKSON

Responding to media reports that suggested that the President-elect Donald Trump advisory team has nominated Hollywood actor Sylvester Stallone for the position of chairman of the National Endowment for the Arts (NEA), the 70-year-old actor said Sunday that while he is flattered, he will not be taking up the job.

The Hollywood star best remembered for his roles in franchise movies such as "Rocky" and "Rambo" suggested instead that he would better serve the administration by working for veterans.

"I am incredibly flattered to have been suggested to be involved with the National Endowment of the Arts," Stallone told BuzzFeed, according to reports. "However I believe I could be more effective by bringing national attention to returning military personnel in an effort to find gainful employment, suitable housing and financial assistance these heroes respectfully deserve."

The Daily Mail had reported Thursday that Trump had approached Stallone about a top arts-related position in his administration, perhaps as chairman of the NEA­­­­­­­­­­­. The NEA is a federal agency that is responsible for distributing government grants to arts organizations and cultural projects.

Two trump advisors had confirmed the development Friday but had added that no formal deliberations were concluded between Trump and Stallone, according to New York Times.

It is unclear at this point about who will be appointed as chairman of NEA and whether Trump will consider Stallone for a role in the new administration.

However, Stallone, who is not a registered Republican and has still supported Republican candidates, has donated money to charities that support U.S. veterans and wounded servicemen.

In 2015, for instance, Stallone sold over 1,400 props and other memorabilia from his movies to raise $3 million to support military veterans and wounded service members.

Items sold by the actor included the gloves and championship belt from Rocky II, the Tiger jacket from Rocky II and the Lakers' 2002 championship ring given to him by NBA star Shaquille O’Neal, according to Bleacher Report.

In an interview with Variety in January, Stallone had said of the president-elect: "I love Donald Trump. He’s a great Dickensian character. You know what I mean?"