Iger, 66, who has already extended his term Disney several times, is now set to retired in 2019.
It is expected that the deal could take about a year to go through the regulatory process.
Disney chief Bob Iger might not be done just yet. After that, Disney meant to keep Iger on as a consultant for three years, for which Iger will receive a quarterly fee of $500,000 for each of the first eight quarters during the consulting period and $250,000 for each of the last four quarters.
Iger has been leading Disney as CEO and chairman since 2005, but recently confirmed a plan to step down in 2019.
Some of the assets that would be acquired in the deal include National Geographic, various sports networks, stakes in Sky and Hulu and of course, Fox's film division.
Fox-owner Rupert Murdoch and his family are favouring a transaction with Disney over Comcast because regulators would be more likely to clear the deal and they would rather be paid in Disney stock, sources told Reuters.
Southern California fires force 200000 people to flee
Residents living west of I-405 should brace for evacuations, in case flames jump the freeway, officials said earlier on Wednseday. The video shows the man chasing the rabbit after it ran across the road as flames from the Thomas Fire burn just feet away.
Google Adds 'Selfie-Style Videos' From Celebs to Search Results
According to Google, the celebrities are answering the "most-asked questions", but didn't divulge the metric of this calculation. The next time you Google a question like, "Can Will Ferrell really play the drums?" the actor may very well answer you himself.