The boy named Iban was injured Wednesday after he stood up while the boat was moving, despite warnings from staff not to do so.
He then fell into the water and got caught between the wall and the boat, Radio France Internationale reported.
His father and Disneyland staff saved him, but he suffered serious injuries.
By Thursday, the boy's life was no longer in danger, the Disney legal team told RFI.
An investigation into the incident was underway.
The injury was not the first incident at Disneyland Paris in recent history. In January, four people were injured in an accident on a steam train, and in 2011, five people were injured on the Big Thunder Mountain ride.
In 2008, a man was injured after falling from a merry-go-round.