Curt Schilling is declining to testify before a legislative oversight panel looking into the collapse of his taxpayer-backed video game company 38 Studios.

The Providence Journal reports Schilling's law firm recently submitted a letter to House Oversight Committee Chairwoman Karen Macbeth notifying her that their client is "respectfully declining" her invitation.

The lawyers advised Schilling it "would not be prudent" to testify because the state has sued Schilling and others involved in 38 Studios.

The Oversight Committee is expected to meet later this week to potentially vote on asking House Speaker Nicholas Mattiello to subpoena Schilling.

Schilling moved his video game company to Providence from Massachusetts after receiving a $75 million state loan guarantee in 2010. It ran out of money in 2012, leaving taxpayers on the hook.