Dave Karger
August 16, 2010 AT 09:05 PM EDT

Oscar-winning actor Michael Douglas announced today that he has a tumor in his throat, People.com is reporting. He will undergo eight weeks of chemotherapy and radiation to treat the tumor and says he is “very optimistic” about the outcome. Douglas, 65, will next be seen on screen in Wall Street: Money Never Sleeps, which is set for release on Sept. 24.

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