Abstract: The present invention provides multifunctional nanoplatforms for assessing the activity of a protease in vivo or in vitro, along with methods of imaging and detecting the presence of cancerous or precancerous tissues, and the therapeutic treatment thereof, including monitoring of treatment. The diagnostic nanoplatforms comprise nanoparticles and are linked to each other or other particles via an oligopeptide linkage that comprises a consensus sequence specific for the target protease. Cleavage of the sequence by the target protease can be detected using various sensors, and the diagnostic results can be correlated with cancer prognosis. Individual unlinked nanoplatforms are also adaptable for therapeutic hyperthermia treatment of the cancerous tissue.