This drawing has been called just that. It was done by a veteran of Disney Studio, Hank Porter, in the 1930s. It depicts Mickey, Donald, Minnie, Pluto, and Dopey singing Christmas carol, and all the creatures of the woods are gathered around listening to them.
It appears that it is up for action. It is an amazing drawing. I'm even amazed that there's a high resolution copy of the drawing that one can click on.