As he reveals in a statement to People magazine, O'Neal was "recently diagnosed with stage 4 prostate cancer." While he was "shocked and stunned by the news," he says he still has a reason to feel fortunate.
"It was detected early, and according to my extraordinary team of doctors the prognosis is positive for a full recovery," he says in the statement.
He goes on to express his gratitude to friends and family for their support, and he also encourages "everyone to get regular check-ups, as early detection is the best defense against this horrible disease that has afflicted so many."
O'Neal lost his long-time partner, actress Farrah Fawcett, to anal cancer in 2009, and was previously treated for leukemia in the late '90s.