The Oscar-winning performer told People through a spokesperson that doctors discovered a tumor in Douglas' throat. The 65-year-old will undergo eight weeks of radiation and chemotherapy as treatment.
Doctors expect the Wall Street star to make a full recovery. "I am very optimistic," said Douglas in a statement.
Both Michael Douglas and his wife Catherine Zeta-Jones are longtime smokers -- Catherine was famously snapped by paparazzi sneaking a ciggie while heavily pregnant with daughter Carys -- and were reportedly trying to quit as recently as 2007.
This isn't Douglas' year. In April, his son Cameron was sentenced to five years in jail on drug charges, despite Michael's hand-written five-page letter to the judge pleading for leniency.
Perhaps things will start to look up in September when his sequel Wall Street 2: Money Never Sleeps hits the big screen. Douglas will revive his lauded performance of disgraced moneyman Gordon Gekko for the flick.
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