Robert Iger, chairman of the Walt Disney Company, said the deal would "generate sustained growth and drive significant long-term value."
LucasFilm Chairman George Lucas said the deal was aimed at ensuring that Star Wars would "flourish for many generations to come."
George Lucas, a Hollywood icon known for exercising control over the most minute details of the fictional universe he created, will remain as a creative consultant on LucasFilm productions.
Disney will release a Star Wars Episode Seven in 2015, the company said.
Disney will pay about half in cash and issue about 40 million shares at closing for the acquisition of the film studio known for the iconic "Star Wars" movies, Reuters reported.
Disney is to buy LucasFilm in a deal worth more than $4 billion (£2.5 billion), the company said.
A Disney statement confirmed that the takeover would also mean that the entire Star Wars franchise will now be owned by the company founded by Walt Disney in 1923.