The 89‑year‑old icon, who hasn't appeared in a movie since 2010's How Do You Know, has long been the subject of speculation about whether he'd ever act again.
Now, according to those closest to him, the answer might finally be shifting toward yes.
A source told RadarOnline.com that Nicholson's inner circle has been gently nudging him toward one final role.
They said: "A lot of his old Hollywood agents and friends have been trying to get him to agree to take on another project for one last hurrah.
"They all feel like he still has something to offer."
And it seems the Oscar‑winning star, who turns 90 next April, is no longer dismissing the idea outright.
The source went on: "Lately Jack seems to be warming to the idea.
"He doesn't have the energy he used to have so he's not going to be up for late-night shoots or early morning call times, but the feeling among his inner circle is that he would actually really do well being back on set."
One person who has never believed Nicholson was truly finished is filmmaker James L Brooks, who directed him in How Do You Know, his most recent role, and many projects prior.
Speaking to PEOPLE last year, Brooks insisted the actor was still reading scripts.
He said: "Oh, I don't think he stopped.
"I mean, he's gotten scripts, he's reading them, and I'm sure we'll be seeing them."
Nicholson starred in the romantic comedy How Do You Now alongside Reese Witherspoon, Paul Rudd, and Owen Wilson.
From One Flew Over the Cuckoo's Nest to The Shining to As Good As It Gets, Nicholson's filmography remains one of Hollywood's most celebrated.
While he has kept a low profile in recent years, Nicholson did make a rare public appearance in the audience for SNL50: The Anniversary Special last year, sparking renewed interest in his whereabouts - and whether he might ever return to acting.
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