It has been labelled “the holy grail” of cancer research and could lead to doctors being able to offer universal screening.
The breakthrough is expected to be officially announced at the annual conference of the American Society of Clinical Oncology in Chicago this week.
Professor Nicolas Turner or London’s Institute of Cancer Research said he was “excited” and the research could reduce diagnosis times.
He said: “Many cancers are picked up too late.
The blood test looks for fragments of DNA that have been released into the blood by quickly developing cancer cells.
In the research stage, it achieved up to 90 per cent accuracy in tests.
The test can detect lung, head and neck, lymphoma, multiple myeloma. colorectal, ovarian, pancreatic, liver, oesophageal and breast cancers.
Scientists have said that in some cases the procedure could detect a cancer years before a patient develops any symptoms.
The wonder-test could be in use in just a few years time but comes with a hefty price tag.
The procedure could cost hospitals up to £1,000 per patient.
According to Cancer Research UK, the most common cancers in Britain are breast, prostate, lung, and bowel cancers.
Between them, these diseases account for more than half of the cancer patients in the country.
More than 360,000 people in the UK are diagnosed with cancer each year, meaning that one person is told they have the disease every two minutes.
On average, cancer rates in the UK have increased by seven per cent in the last decade, however, in women, the number of diagnoses have risen by a whopping nine per cent in the last ten years.