He is undergoing treatment at the UNC Lineberger Cancer Center.
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Montross, 51, was a Consensus All-American during his junior and senior seasons with UNC, and was a part of the 1993 national championship team. He played four seasons with the Tar Heels from 1990-94, averaging 11.7 points, 6.8 rebounds and 1.2 blocks in 139 games while shooting 58.5% from the floor.
Montross is currently a UNC radio analyst.
On Saturday, his family issued a statement:
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"Our family is of course deeply concerned but we have spent three decades in the fight against children's cancer and know well the incredible advancements being made in oncology treatments."