The actress told Out magazine that she learned a great deal from Streep while shooting the hit film Julie & Julia.
"I love people who make big choices, who don't stay safe," Lynch explained.
The star went on to say: "[Streep] might be playing a character who's not as eccentric as Julia Child or Margaret Thatcher, but her stakes are always very high."
Streep won her third Academy Award earlier this year for her portrayal of former British Prime Minister Margaret Thatcher in The Iron Lady. She has earned 17 Oscar nominations throughout her career as well as 26 Golden Globe nods.
Her next film role is alongside Julia Roberts in director John Wells's comedy August: Osage County, opening in 2013.
Watch Meryl Streep in an Iron Lady trailer below: