The Scots comedian, affectionately known as the Big Yin, announced the good news during a live television interview about Celtic's clash with Barcelona on Sky Sports News.
The avid Celtic fan is in Glasgow for the match, which takes place at Parkhead tonight.
He told Sky Sports News: "My health - I got the clearance on Wednesday on my cancer so I'm OK."
Last month it was revealed that Connolly, 70, had undergone surgery for prostate cancer and was receiving treatment for the initial stages of Parkinson's disease.
His spokesperson said: ""Billy Connolly recently underwent minor surgery in America after being diagnosed with the very early stages of prostate cancer. The operation was a total success, and Billy is fully recovered.
"In addition, Billy has been assessed as having the initial symptoms of Parkinson's disease, for which he is receiving the appropriate treatment.
"Billy has been assured by experts that the findings will in no way inhibit or affect his ability to work, and he will start filming a TV series in the near future, as well as undertaking an extensive theatrical tour of New Zealand in the new year."
He made his first public appearance following his cancer surgery at a screening of A Single Shot at the Tribeca Film & Cinema Society in New York on Thursday, September 19.