The sci-fi film from the Weinstein Co, being directed by Phillip Noyce, revolves around a young boy.
Holmes will the upright mother of Brenton Thwaites, who is the young star of the film about a society in which there is no conflict, racism or sickness, said the Hollywood Reporter.
Thwaites plays a young boy who is selected for his life service as the Receiver of Memories and works with 'The Giver' (Bridges), an old man who teaches the boy to use his unique gifts of the senses.
The film is based on Lois Lowry's dystopian children's novel.
Streep is currently shooting for Disney's 'Into the Woods' where she plays a witch.