The 83-year old actor is said to have been diagnosed at New York's Sloan-Kettering Cancer Center, where he is currently receiving outpatient treatment and is under the care of a leading New York oncologist.
Rumors of the actor's grave condition grew after he cancelled several recent appearances.
He has also pulled out of his latest project. He was slated to direct a screen-adaptation of John Steinbeck's book 'Of Mice And Men.'
Paul Newman: An actor's life Photos As well as being an award winning actor, Newman is also the founder of Newman's Own, which offers spaghetti sauce and salad dressing.
The company donates all its earning to charity, with earnings reaching more than $100 million since its creation.
Newman has made major contributions to those less fortunate, including being on the board of directors for the Hole in the Wall Gang Camp, an organization that creates camps for terminally ill children.
No confirmation from the hospital or from Newman's camp.
OMG...WHO ELSE LOVES THIS MAN? CAT ON A HOT TIN ROOF ANYONE?