Production is to begin next week with director Sarah Gavron at the helm, the report said.
The film will star "The Great Gatsby" and "Inside Llewyn Davis" actress Carey Mulligan, while Streep's role is expected to be small but pivotal, TheWrap.com said.
Streep is a current Oscar nominee for her work in the dysfunctional family drama "August: Osage County."
Notable deaths of 2014 [PHOTOS]
James Wan tapped to direct 'The Conjuring 2'