Wyman, 79, is "undergoing treatment and is expected to make a full recovery as it was caught in the early stages," according to a statement released Tuesday.
"The Wyman family has asked for their privacy during this time," a spokesperson for the musician added.
Wyman, born William Perks, was a member of the Stones from 1962 to 1993.
He has since toured with his own band, Bill Wyman's Rhythm Kings, while running a record company in London's Chelsea district.
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On Saturday, Wyman attended the wedding of Rupert Murdoch and Jerry Hall at St. Bride's Church in London alongside his wife, former model Suzanne Accosta – one of Hall's closest friends.
Wyman is the second member of Stones to undergo cancer treatment. In 2004, drummer Charlie Watts was diagnosed with throat cancer and had two operations to rid himself of the disease.