According to a New Zealand Cricket (NZC) statement on behalf of his wife Lady Dianne, Hadlee will commence chemotherapy shortly and is expected to make a full recovery.
"Last month, Richard had a routine, three-year colonoscopy, and we discovered that he has bowel cancer," Dianne said in a statement.
"He has since had an operation to remove the tumour. This operation went extremely well, and he has made an excellent recovery from surgery.
"As a safeguard, further treatment in the form of chemotherapy will commence shortly and last for a few months. It is expected that, in time, he will have a full recovery," the statement added.
Hadlee, 66, picked up 431 Test wickets before retiring in 1990 -- it was a world record at the time.
He was knighted during his tour of England in 1990, and is recognised as one of the greatest all-rounders the game has ever produced.
Apart from 431 wickets, he scored 3124 runs at 27.16 average in 86 Tests. In 115 ODIs, he had 1751 runs and 158 wickets.
He played a pivotal role in helping New Zealand emerge as a serious cricketing nation in the 1980s.
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