The original film follows three bachelors who find themselves caring for an infant who was left on their doorstep. The comedy starred Tom Selleck, Steve Guttenberg and Ted Danson and was directed by Leonard Nimoy.
The comedy was followed by the 1990 sequel "Three Men and a Little Lady."
Efron is the first lead actor to be cast as part of the trio of bachelors.
"Three Men" will mark Efron's return to Disney. The actor rose to fame after starring as Troy Bolton in Disney's "High School Musical" films, which were released from 2006 to 2008.
Gordon Gray, who has worked on multiple Disney films including "The Rookie" and "Secretariat," will produce the remake.
"Three Men and a Baby" joins the list of live-action films slated to be released by the streaming service, which also includes "The One and Only Ivan" and "Magic Camp."
Disney's live-action "Mulan" will also release on Disney+ and will be available to rent for an added fee.
See also: Keke Palmer joins cast of 'Proud Family' reboot on Disney+
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