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5th August 2016
11:35am BST
The role would see her star alongside Emily Blunt, who has already been cast as the world's most famous nanny, and American actor and composer Lin-Manuel Miranda, who will play a street lamplighter called Jack.
There are also rumours that original stars Julie Andrews, now 80, and Dick Van Dyke, 90, may return to the big screen in the latest adaptation, although nothing has been confirmed.
Set for release in December, 2018, the film will not be a reboot or remake of the original 1964 movie but will see Mary Poppins revisit the Banks children. The story will be set 20 years after Poppins and her trusty umbrella were whisked away by the wind in the famous final scene.
With Streep in the mix, this could be practically perfect in every way.
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