While "The Lion King" is inspired by "Hamlet," this film clearly takes inspiration from the play "Rosencrantz and Guildenstern are Dead," which features the events of "Hamlet" through the eyes of two minor characters.
Timon's story of leaving the meerkat colony is based on a short scene deleted from "Hakuna Matata" in The Lion King (1994).
HIDDEN MICKEY: 20 total in the whole film, including Mickey Mouse.
There is a part in which Pumbaa and Timon argue about whether to help Simba or not, and Timon refuses to go with Pumbaa but eventually changes his mind. This part is loosely based in the added part of "Disney's The Lion King" children's novel, written by Gina Ingoglia.
The song Timon sings, "That's All I Need," is a re-worked version of "Warthog Rhapsody," an ancestor of the song "Hakuna Matata."