The actress is eyeing the role of the witch in Rob Marshall's big-screen adaptation of the Broadway musical, reports Broadway World.
A screenplay reading recently took place in which various potential cast members took part.
These included Nina Arianda as The Baker's Wife, Christine Baranski as the Stepmother, Tammy Blanchard as Florinda, Victoria Clark as Cinderella's Mother/Giant, James Corden as the Baker, David Garrison as the Narrator, Ivan Hernandez as the Wolf, Megan Hilty as Lucinda, Cheyenne Jackson as Rapunzel's Prince and Allison Janney as Jack's Mother.
They also featured Anna Kendrick as Cinderella, Michael McGrath as the Steward/Baker's Father, Donna Murphy as the Witch, Laura Osnes as Rapunzel, Taylor Trensch as Jack, Casey Whyland as Little Red Riding Hood and Patrick Wilson as Cinderella's Prince.
Streep was not present at the reading.
Into the Woods weaves together various fairytales into a story about a family trying to break a curse laid upon them.
The Stephen Sondheim musical debuted in 1988, winning three Tony Awards from a total of ten nominations.
Streep can currently be seen in Hope Springs.