To be helmed by Rob Marshall, best known for his musical hits 'Chicago' and 'Nine', the film adaptation of 1987 play will see Streep and Depp singing too, the Deadline reported.
Depp and 'Mama Mia!' star "almost have their deals wrapped up for the film".
The musical revolves around a childless baker and his wife who decide to fight a family curse by journeying into the woods to confront the witch that put the spell on them.
While Streep has already wowed her fans by taking on Abba songs in 'Mamma Mia!'.
'Into The Woods', Marshall frequent collaborators John DeLuca will produce while David Krane will arrange the music.
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