“Deadpool & Wolverine” had just one joke that went too far for Disney, so it was left on the cutting room floor … and the dick joke is now out of the bag!

Here’s the deal — prior to the massive blockbuster’s release, Ryan Reynolds said there was just one joke the Mouse House asked to be removed … but he didn’t want to say what it was at the time.

Thanks to Disney submitting the script for awards contention … fans now know what the joke was … “F***! What we can’t even afford one more X-Man? Disney is so cheap. I can barely breathe with all this Mickey Mouse cock in my throat.”

A source close to RR tells TMZ … it was Disney head honcho Bob Iger who asked — but did not demand — that the joke be cut.

We hear Ryan was totally cool with the ask since it was just a one-off and had nothing to do with the story. After all … Disney clearly let him and his team get away with anything else they wanted in the R-rated flick full of F-bombs and bloody action.

Director Shawn Levy also noted before the film’s release that a single line was cut at the behest of Disney … but he swore he nor Ryan would ever say what was cut.

And hey, thanks to Disney putting it out there … they kept their word!