Michael Douglas is battling throat tumor

Acclaimed actor-producer Michael Douglas, who received a best actor Academy Award for "Wall Street" (1987) and shared a best picture Academy Award as a producer of "One Flew Over the Cuckoo's Nest" (1975), is battling a tumor in his throat.

Douglas, 65, the son of Hollywood legend Kirk Douglas and the husband of Oscar-winning actress Catherine Zeta-Jones ("Chicago"), will undergo eight weeks of radiation and chemotherapy, his publicist, Allen Burry, told E! News. Without specifying whether a lump in Douglas' throat is malignant or benign, Burry said doctors have given the star a positive prognosis and expect full recovery.

"I am very optimistic," Douglas said in a statement to People magazine.

The actor is currently outside the United States, Burry said Monday, declining to give his location or where he would be treated, The Associated Press reports.

The medical drama comes barely a month before the Sept. 24 release of the "Wall Street" sequel "Wall Street: Money Never Sleeps," in which Douglas reprises his role as one-time financial wizard Gordon Gekko. Like the original, the new 20th Century Fox film, which co-stars Shia LaBeouf, is directed by Oliver Stone.

He has already completed filming his supporting role in Steven Soderbergh's espionage action-thriller "Haywire" (previously titled "Knockout"), starring mixed martial artist Gina Carano. That film is tentatively set for a January release.

Zeta-Jones, 40, meanwhile, is reportedly in the running to play Elizabeth Taylor in Mike Nichols' adaptation of the book "Furious Love: Elizabeth Taylor, Richard Burton, and the Marriage of the Century." What effect Douglas' condition may have on her possible involvement is uncertain.

All this falls in the wake of his son, Cameron Douglas, being sentenced in April to 5 years in prison on drug charges. "I've had a rough year on the personal front," Douglas told the Chicago Sun-Times in June.