Recent rumors that management at Disney is planning yet another theme park in Orlando, Fla., this time based on Eastern meditation and Western magic are not entirely true, a Walt Disney Co. spokesman says.

The theme-park part is true. But it is not a Disney project; it is a project of Doug Henning, the magician.Trade publications had reported that the new park, Vedaland, would cover 450 acres in central Florida and would be linked to Indian spiritual leader Maharishi Mahesh Yogi as well as Henning.

Henning could not be reached for comment. But according to articles in the Orlando Sentinel, the new park is to be based on the theme of transcendental meditation. The park is to be situated in Osceola County the land has already been purchased for $20 million and is to open in 1993. The park is to feature 38 major rides and attractions with an estimated total budget of $1 billion. One article said that similar parks are planned for the Netherlands, Brazil, Canada and Japan.