The film is written by 'Juno' screenwriter Diablo Cody and is set to be directed by Jonathan Demme, reported Variety.
The story revolves around an old fading rockstar, played by Streep, 64, who after years of being estranged from her children, finally tries to reconnect as one of them goes through an ugly divorce.
Streep was last seen in the Oscar-nominated role of a drunken, angry matriarch Violet Weston in John Wells' 'August: Osage County'.