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Johnny Depp earlier this month signed up to reprise his role as Captain Jack Sparrow in the film for £32 million - the biggest paycheque ever for an actor.
Efron will reportedly receive a $10 million (£5.8m) fee to appear, with Disney bosses keen to sign him up after he revealed that he may be reluctant to take part in any further High School Musical projects.
"Disney knew that Zac was reluctant to do any more High School Musical movies. He had already said there was 'no way' he'd return as Troy. So the Disney brass came up with an offer he couldn't refuse," a source told the National Enquirer.
Efron recently hinted that he may be interested in taking over from Daniel Radcliffe in play Equus.
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