Bodog Beat

Paul Newman, pictured right, starring alongside Robert Redford in Butch Cassidy and the Sundance Kid. (20th Century Fox Image)

Famed for his role as Butch Cassidy, Paul Newman is considered an icon of American cinema. Newman has also developed his own salad dressing, Newman's Own, with all the proceeds going to charity — $220 million to date.

However rumors are circulating 83-year-old Newman has been diagnosed with terminal lung cancer after Martha Stewart posted pictures of a frail looking Newman on her blog. However, Newman's agent, Toni Howard, tells E! News that the slew of gossip reports claiming Newman is terminally ill with lung cancer are "not true."

Meanwhile, tabloids continue to fuel the fire, saying the actor has reportedly that turned over the entire value of Newman's Own to charity, which totals $120 million. They are also reporting that the actor has cancelled many appearances and projects.

Newman, who has five grown daughters, has been married to his wife actress Joanne Woodward for 50 years.