The evangelist, who has travelled the world sharing the gospel, announced last year that he was suffering from lung cancer.
The 84 year old had claimed he was at peace with his illness.
He said: “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.”
Palau has received numerous treatments over the past year and last month an update on his ministry’s website said he was now stable and responding well to chemotherapy.
Over the weekend, the Luis Palau Association held a mission in Madrid, with thousands attending.
His son Andrew, who leads much of the ministry, updated supporters on his father’s involvement.
“Miracle upon miracle, Dad has arrived.
“It’s the first time he’s been out of the country since his diagnosis.
“It’s been eighteen months and he’s fired up!”
On Saturday, Luis Palau preached to thousands at the Plaza del Callao in the city centre before speaking again on Sunday to similar numbers at a nearby park.
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