Mumbai-based UTV Motion Pictures holdsinternational rights to the film which was a big hit when it was released in December last year, grossing around $23m (Rs1bn) worldwide.
It follows the relationship between a teacher, played by Khan, and one of his pupils who is locked in an imaginary world. The film is the directing debut of Khan, one of Bollywood's biggest stars, who is now becoming more active in producing and directing.
'Disney as a brand has association with family and children. They have seen Taare Zameen Par as content that has a brand fit,' UTV Motion Pictures CEO Siddharth Roy Kapur told the Times of India.
Local media reported that Disney paid $1.6m (Rs70m) for the English-speaking home video rights.
Disney has a 33% stake in UTV Motion Pictures' parent company, UTV Software Communications, and also acquired theUTV's childrens' channel Hungama in 2006.
The studio also has a co-production deal with Mumbai-based Yash Raj Films to co-produce one animated feature a year starting with Roadside Romeo, directed by Jugal Hansraj and produced by Aditya Chopra.