The Walt Disney Company has announced plans to develop its first theme park in mainland China, in partnership with the Shanghai government.

The project, reportedly worth US$3.59bn (£2.52bn, AUD$5.4bn, 2.76bn euro) could be open by 2014, and would be the fourth Disney resort outside the US, after Hong Kong, Tokyo and Paris.

A spokesperson for Walt Disney Parks and Resorts said that while the development is under discussion, no deal has yet been agreed.

"Discussions have been ongoing about the feasibility of a theme park project in China," said Leslie Goodman. "As part of this lengthy process, we worked on a joint application report with the Shanghai government which will be submitted to the central government for review. No deal has been signed, no project has been approved."

The Wall Street Journal, which broke the news of the project, claimed that Disney would take a 43 per cent stake in the new resort, while a joint venture holding company owned by the Shanghai government would own the remaining 57 per cent. Located close to Shanghai's Pudong International Airport, plans for the development reportedly include a theme park, a hotel and shopping development.