Tokyo Disney could undergo its biggest expansion in over two decades, as operator Oriental Land is reportedly in discussions over a ¥300bn (US$2.68bn, €2.25bn, £1.98bbn) mega-development for the resort.

According to multiple news sources in Japan, the plans are not part of the previous ¥250bn (US$2.22bn, €1.88bn, £1.65bn), 10-year expansion plan for Tokyo Disney, which includes new attractions based on Beauty and the Beast and Big Hero 6, as well as a Frozen-themed area.

The new expansion would increase the park’s size by roughly 30 per cent, with the facilities expected to open in 2023.

To make room for the addition, which would ease congestion in the resort, Oriental Land will build a multi-storey carpark capable of holding 4,000 vehicles, meaning the existing carpark space can be redeveloped for attractions.

Japan’s theme park market is starting to growing as US operators Disney and Universal continue to invest in new attractions.

In recent years, Universal has made investments into its major Harry Potter expansion, as well as investments into a new area opened this year devoted to Despicable Me’s Minions.

A ¥60bn (US$534m, €451m, £397m) Nintendo and Mario-themed area is also in progress and expected to open in 2020 ahead of the Olympic and Paralympic Games.

Disney is creating its own competition in Asia, last year launching Shanghai Disneyland, which drew 11 million visitors in its first year. China is also a hotbed of theme park development, with more than 60 new parks to open by 2020.

According to the reports, an official announcement on Tokyo Disney is expected to be made in May next year. Attractions Management has contacted Disney and Oriental Land for comment.