The `Wall Street` actor endured a gruelling chemotherapy and radiotherapy treatment after he was diagnosed with throat cancer six months ago and his wife failed to control her emotions after the 66-year-old star was given the news his treatment had worked.
Michael said: "She had a good cry when she heard. I can`t tell you I was jumping up and clicking my heels. For me, it will probably be two or three months before it will really sink in and feel good."
Catherine, 41, added her thanks to the medical staff who looked after her husband and declared it was a "fantastic" way to start 2011.
She said: "We are so grateful for the wonderful care Michael has received and of course for this happy news. It`s an incredible way to start the New Year."
The couple had a low key celebration with their children Dylan, 10, and Carys, seven, where they dined on oysters and toasted with non-alcoholic cocktails.
Although drinking and smoking are believed to be two of the main causes of throat cancer, Michael allowed himself a glass of wine but admitted "it didn`t taste good."
The actor - who lost 32lbs during his treatment - is now "going to be eating much more of an organic diet" in order to prevent the tumour returning.