Typically, prostate evaluation is done by using different imaging sequences of magnetic resonance imaging. Dynamic contrast enhancement, one of such scanning modalities, allow to spot higher vascular permeability and density caused by the malignant tissue. Authors of this paper investigate the ability to identify malignant prostate regions by the functional data analysis and standard machine learning techniques. The dynamic contrast enhanced images of the prostate are divided into the regions and based on those time-signal intensity curves are calculated. Two classification approaches: functional k-Nearest Neighbors and machine learning Support Vector Machine are used to model signal curve behavior on temporal variation matrix and timestamp based prostate region division of image data. Preliminary research shows that both functional data analysis and machine learning classification methods are able to identify highest saturation timestamp that gives best tissue classification results on timestamp based dynamic contrast enhanced region map obtained by Simple Linear Iterative Clustering algorithm. Cancer region classification results are better when the dynamic contrast enhanced images are subdivided into regions at each timestamp than when using a temporal variation matrix.