If the deal get finalised, the 67-year-old "Mamma Mia" star will play the role of Poppins' (Blunt) cousin, Topsy, a supporting role, which was not there in the 1964 classic, reported Variety.
Streep, who has earlier shared screen with her would-be co-star Blunt in the 2006 film "The Devil Wears Prada", might also sing for the part as she did in "Into the Woods".
Directed by Rob Marshall, the movie is slated to release on December 25, 2018.
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