The wrestling legend – known as 'The King' – collapsed from a heart attack while broadcasting WWE Monday Night Raw last night and had to be rushed from ringside for medical attention.
Lawler initially received treatment backstage at the Monday Night Raw event, before being taken to a Montreal hospital.
The wrestler is now reportedly breathing on his own, but his hometown of Memphis's WMC TV reports that he will have surgery later today.
Lawler's girlfriend Lauryn McBride is apparently en route to Montreal at this time to be by his side.
WWE superstars and other famous wrestlers have used social media to send well-wishes to Lawler since his health crisis.
Bret Hart urged fans to keep Lawler in their "thoughts and prayers" on Twitter.
Lawler's friend and former broadcast partner Jim Ross credited the "amazing job" performed by WWE's medical staff with keeping Lawler alive.
The professional wrestler rose to fame nationally in the early 1980s as part of a wrestling rivalry with comedian Andy Kaufman, which saw them both appear on Late Night with David Letterman.
He has worked for the WWE on and off since 1992.