Michael Douglas

Michael Douglas has been diagnosed with a tumor in his throat, his rep confirms to TVGuide.com.

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The 65-year-old Oscar-winning actor will undergo eight weeks of radiation and chemotherapy to treat the tumor. People.com first reported the news.

Douglas' rep says his doctors are "optimistic" about his treatment and expect him to make a full recovery. The actor reprises his role as Gordon Gecko in the sequel Wall Street: Money Never Sleeps, slated for a Sept. 24 release.