Goldman's original 1973 novel was adapted into the 1987 Rob Reiner film, which featured Cary Elwes, Robin Wright, Chris Sarandon, Mandy Patinkin, Christopher Guest, Wallace Shawn, Andre the Giant, Billy Crystal and Carol Kane.
According to Disney representatives, it has not been determined if the new stage production will be a musical or not.
Goldman had previously begun collaborating with Tony-winning Light in the Piazza composer Adam Guettel on a musical adaptation of "The Princess Bride," but the two parted ways on the project in 2007.
The production will be based on Goldman's original novel and his 1987 screenplay. The creative team and development timetable for the project have yet to be determined. The deal was shepherded by Alan Horn, chairman of The Walt Disney Studios.
"The Princess Bride has proven to be an enduring delight and a beloved favorite to multiple generations," said Thomas Schumacher, president and producer Disney Theatrical Productions in a statement. "What William Goldman created is first and foremost a celebration of storytelling; what better place to spin that tale than on the stage?"
Goldman is a famed screenwriter known for the films "Butch Cassidy and the Sundance Kid," "All the President's Men" and "Marathon Man." He also wrote the classic examination of the Broadway world, "The Season."