The report, in Hong Kong’s Wen Wei Po newspaper, said that the park would open as early as 2012 in the Chuansha District of the city.

The Shanghai Disneyland Resort would be eight times larger than the neighbouring Hong Kong resort and would cost a total of US$5.8bn, the newspaper claimed.

"The project still needs central government approval and Shanghai will obey Beijing’s decision," said Chen Qiwei, a spokesman for the Shanghai government.

Disney spokeswoman Alannah Hall-Smith added that "there is no agreement and there is no deal."