Is an AI 'memory manager' that decides what to keep/forget actually feasible?

I’ve been thinking about AI memory design and I’m not sure how realistic this idea is, so I wanted to ask people who know more about the field. Instead of storing everything a model interacts with, what if there was a separate system responsible for managing memory over time? for example, something that assigns importance to pieces of information in the conversation, and then decides what gets reinforced, compressed, or forgotten. Kind of like a secondary memory AI that manages all the data from the chat history storage of a working AI. It could have several functions like having frequently used concepts get strengthened, rarely used or irrelevant ones decay, and even related concepts reinforcing each other. So for example, if you tell the system something personal, the memory manager would decide how important it is and store it in short-term vs long-term memory. Later, if similar topics come up again, it could strengthen that memory. If it never becomes relevant again, it would gradually decay and possibly be deleted. I’m curious what people think