I believe it is important to first understand where the child is at, speaking in terms of grade level understanding. Some times students act out to avoid work and it sounds as if he may be trying to escape instructional time for other reasons as well. However, if the student is truly bored than a quick solution to this would be to set him up as a peer tutor. Give him leadership responsibilities in the classroom and an opportunity for him to help others.This will increase his retention and decrease his behaviors.

It is important for students, such as this gifted child, to have alternative activities they can complete once the work is done. For example, I have an "I'm Done" board in the classroom. Students have many activities posted on the wall that they can complete for extra credit points. The activities includes creating crossword puzzles, a diorama, a news report, etc. Students complete these activities using previously learned concepts, but higher-level students can use research and the teacher to get a deeper conceptual understanding of the concepts.

I would have classroom duties that he could assist with to keep his disruption down. Also I would allow him to work with other students if they are working on individual task and he gets done ahead of time.

The teacher could have an additional folder of assignments for this student to complete if he finishes his other work early. He could also keep a book of the student's choosing or some games or activities in another corner of the room for the student to use if he needs them. For a student that young, a reward system might also help. Even as little as, "You were good today. Here is a Starburst."