(Cover) - EN Showbiz - Peter O'Toole has announced that he is retiring from his illustrious acting career.

The 79-year-old is an eight-time Oscar nominee and honorary Oscar winner best known for his roles in Lawrence of Arabia and Goodbye, Mr Chips.

But the Irish actor announced through his representative today that he had lost his passion for performing.

"It is time for me to chuck in the sponge," he said in the statement. "To retire from films and stage. The heart for it has gone out of me: it won't come back."

"My professional acting life, stage and screen, has brought me public support, emotional fulfillment and material comfort.

"It has brought me together with fine people, good companions with whom I've shared the inevitable lot of all actors: flops and hits.

"However, it's my belief that one should decide for oneself when it is time to end one's stay. So I bid the profession a dry-eyed and profoundly grateful farewell."

After medical issues put his career on hold in the 70s, Peter returned with acclaimed performances in the 80s with The Stunt Man and My Favorite Year.

He was most recently seen on screen as Pope Paul III on The Tudors. (C) Cover Media