The National Enquirer reports the Ghost star is dying of pancreatic cancer and has been given just five weeks to live if drastic chemotherapy treatment doesn't work.
But sources close to the actor/dancer insist the story is far from true, and Swayze is at work on a new movie in Los Angeles.
According to the Enquirer, the Dirty Dancing star was reportedly diagnosed with the disease in January and immediately checked into Stanford University's cancer centre in Palo Alto, California for a gastro-intestinal procedure.
Swayze, 55, is said to have undergone three doses of chemotherapy, which has helped shrink a tumor in his pancreas. But doctors are not optimistic they will kill the cancer.
Reports suggest the star has lost more than 20 pounds over the last few weeks and has had to resort to a liquid diet, because he's struggling to keep down solid food.
A source tells the National Enquirer, "He was told he could have two more treatments, but his cancer was not responding. In short--they held out little hope for a cure."
Swayze's spokesperson has confirmed the actor was "home and happy" after the operation but has refused to comment on the nature of his illness.
And an insider on the set of his unnamed new film tells celebrity blogger Perez Hilton that Swayze appears to be in good health, stating, "Patrick has been at rehearsals for a new cheerleading movie at a Century City studio frequently... and he definitely does not look like he has five more weeks of life left…
"I'm not sure of his medical condition, but, if he is gravely ill, he is hiding it very well."
Further calls to Swayze's representatives were not returned by the time WENN went to press.
COPYRIGHT 2008 WORLD ENTERTAINMENT NEWS NETWORK LTD. All Global Rights Reserved.