The 79-year-old One Flew Over The Cuckoo’s Nest star hasn’t made a film since 2010’s How Do You Know.
Since then it was widely reported that Nicholson had retired from acting due to memory loss.
Even last month his old friend Peter Fonda confirmed he was done with movies.
However, it’s now been confirmed by Variety that Nicholson has been persuaded to come out of retirement and star in the English-language remake of Toni Erdmann.
The nearly three hour German comedy is currently playing in cinemas and has received much praise from critics – scoring 92% on Rotten Tomatoes.
Having won five gongs at the European Film Awards, Toni Erdmann has now been nominated for Best Foreign Language Film at this year’s Oscars.
The movie follows a father trying to reconnect with his daughter by pretending to be her CEO’s life coach.
It turns out that Nicholson was a big fan of the original movie and approached Paramount, who immediately secured the rights.
Yesterday it was announced that the studio would drop two major 2017 films just months from release.
The remake will star Kristen Wiig as Nicholson’s daughter, with the film being produced by her and Will Ferrell.
Another producer is The Big Short and Anchorman director Adam McKay.
Meanwhile Paramount are on the hunt for a writer and director to helm the Toni Erdmann remake.