Global entertainment giant Walt Disney Co said on Tuesday that it has received approval from the central government of China to build a Disney theme park in Shanghai, sources reported.

The company said in a statement that the Project Application Report for a Disney theme park in the Pudong district of Shanghai have received approval from China's central government.

Disney and its local partners in Shanghai will reach a final agreement to build and operate the Magic Kingdom-style theme park with characteristics tailored to the Shanghai region, said the company.

The project will be divided into three parts, and the local government has already started preliminary planning for the park, including resettlement of a 4-million-square-meter area in Shanghai's Pudong New District, the official Shanghai Securities News reported.

The proposed Shanghai Disney theme park is expected to open in five or six years.

Disney President and CEO Robert Iger said in the statement that China is one of the most dynamic, exciting and important countries in the world, and the approval marks a very significant milestone for the company in mainland China.

Disney opened a theme park in Hong Kong in 2005.