Georges Vandenbeusch, 42, was kidnapped on November 13 by heavily armed men who burst into his parish at night in the far north of the central African country and reportedly took him to neighbouring Nigeria.
The radical Islamist movement Boko Haram, which has killed thousands of people in attacks against Christians and government targets in northern Nigeria, claimed responsibility for holding the French priest soon after he was kidnapped.
The Cameroonian army flew Vandenbeusch to Yaounde and escorted him to the ambassador's residence, where he is expected to stay until French Foreign Minister Laurent Fabius arrives later today to bring him back to Paris.
The two are due to land at the military air base of Villacoublay near the French capital tomorrow at 0540 GMT, and Hollande will greet him.
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"It's really, really good news. We were working on this for some time, in close contact with... President Biya who has been extremely active and useful," Fabius told RTL radio.
The circumstances of his release are still unclear.
A source close to Cameroonian security services said mid-December that negotiations were underway via Cameroonian middle-men who were close to the kidnappers.
Today, the Nigerian army denied being involved in the priest's release, despite having launched a major ground and air offensive against Boko Haram a day earlier, killing 56 fighters belonging to the Islamist movement.
France has always denied paying ransoms for its kidnapped nationals, and Fabius today reiterated the policy.