Last week (end18Dec16) editors at the Daily Mail reported that Trump, 70, was looking to add a big Hollywood name to his presidential team, with Stallone, 70, being considered for the post of Chairman of the National Endowment for the Arts (NEA). The NEA, which was established in 1965, is an independent federal agency which distributes government grants to arts organisations.

In a statement to America's Variety magazine, Stallone said he was happy to be linked to the arts role, but would prefer to continue his work to help U.S. army veterans than take a government job.

He explained he was, "incredibly flattered to have been suggested to be involved with the National Endowment of the Arts."

However Stallone added, "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."

Trump's Republican Party denied Stallone had been offered the Chairman's job, with a representative of their National Committee telling Fox News, "No decision has been made here yet. They (Trump and Stallone) are old friends and the President-elect thinks very highly of him, but no decisions have been made regarding this position."

Last year (15), the Rocky star sold off much of the memorabilia he accumulated over the course of his storied career for $4.5 million (£3.6 million), with a portion of the proceeds going to charities helping military veterans.