Wilson, who played for the Gunners between 1963-74 and made over 230 appearances for the North London club, revealed that he is suffering from the disease and has asked for his privacy to be respected.
The former goalkeeper and TV presenter, who set up the Willow Foundation charity to support ill young people following the tragic death of his daughter Anne in 1998, has cancelled work and charity commitments in order to focus solely on his battle with cancer.
"I am very confident that the treatment I am receiving will prove successful and kindly ask that my privacy is respected at this time,” Wilson said.
Upon hearing the news, Arsenal also released a statement to show support for their former great.
"Everyone at Arsenal FC wishes Bob Wilson all the very best following his diagnosis with prostate cancer. Our thoughts are with you Willow," the statement on Twitter read.
His son John, who is a BBC Radio 4 presenter, said: "Knowing how strong my dad is, I have every faith he will be back to match fitness very soon indeed."
Prostate cancer is the most common cancer diagnosed in men in the UK. Every year more than 40,000 are diagnosed with it.
A Prostate Cancer UK spokesman said: "We wish Bob Wilson our best wishes in his fight against prostate cancer.
"A key figure in the football world, he has already been affected by the tragic consequences of cancer, and his tireless work for the Willow Foundation, set up in the memory of his late daughter, continues to this day.
"It says everything of the man that he has already pledged to return to those efforts as soon as he can.
"Prostate cancer is an opponent like no other. It is the most common cancer diagnosed in men in the UK and affects one in eight men in the UK. Our Men United v Prostate Cancer campaign aims to raise awareness and intensify the search for more reliable tests and treatments.
"The football family stands behind Bob, and we offer him and his family our support and best wishes at this important time."
- Disease & Medical Conditions
- prostate cancer
- Arsenal FC