Reuters.com and several other news outlets are reporting today that top Chinese officials have closed a deal with Disney to open a brand new park in Shanghai. A Shanghai Disney park has been rumored for a few months now, but has yet to still have an official announcement.

Media reports have placed the cost of the park around $3.6 billion.

This move comes from the lackluster success of Disney's Hong Kong park, which has failed to gain the attendance from the western populace of China.

President Obama will be visiting China next month, and current speculation places an official announcement within this week.

Shanghai Disney will be the Disney Corporation's 6th resort location - with others presently based in Anaheim, Orlando, Tokyo, Paris, and Hong Kong.