In a twelve-minute YouTube video, shared on the Luis Palau Association web page, Palau, alongside two of his sons, explained how the family learned that the cancer has reached Stage Four - the most advanced level.
He said: "It was a shock.
"I haven't been in hospital one night except when I broke a bone back in 1984 after a mission to London."
Palau said the first thing he did when he heard the news was cry.
"I think, 'Oh wow. I could be gone in a few months,'" he said.
"You cry a lot.
"You cry when you think about your sons, about your ministry, about your friends, about your wife."
However, the 83-year-old said he didn't feel "horror" or "panicked".
Explaining why he doesn't fear death, he said: "Peace with the Lord is deep.
"One verse that hit me hard is Isaiah 41:10 - 'Fear not, for I am with you. Be not dismayed. I am your God'".
"I know that the Lord is with me by the Holy Spirit indwelling.
"I'm ready, I know it sounds crazy to say, 'I can't wait to go to heaven'... now, it's a reality for me."
He said he was confident that the Palau Association would be in good hands if "the Lord wants to take me home".
"Thank God that ten years ago - with the leaders of our team and the board of directors - we elected Kevin to be president and CEO," Palau said, adding that his son other son Andrew will continue as an evangelist in the ministry.
"Everything is ready."
His son Andrew added: "We will persevere in our calling. Not just Kevin and I, but the whole team also.
"All of us together; it is our responsibility for the next generation."
The family asked people to continue praying for Palau's health.
"Many people are praying that the Lord would do a miracle. It would take literally a miracle," Palau said.
"Thank you for your prayers, thank you for loving us, thank you for your support."
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