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Baldwin will play one of two men vying for the affections of Streep's character.
The Universal movie, which Meyers has written and will direct, is to begin production next February.
Baldwin's recent film credits include The Departed and The Good Shepherd. He is also a regular on NBC sitcom 30 Rock.
Streep's last film was an adaptation of the hit Abba musical Mamma Mia!.
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