Streep will play the lead role of real-estate agent Hildy Good, a recovering alcoholic whose friendship and a romantic relationship with an old flame threatens to unravel her life.
Pulitzer Prize-winning author Michael Cunningham, who was behind "The Hours" and "A Home at the End of the World", will adapt the novel, to be produced by FilmNation Entertainment, reported Huffington Post.
It is the third time that Streep is starring in one of Cunningham's work after "The Hours" and "Evening."
De Niro, 69, and Streep have previously worked together in 1978 war movie 'The Deer Hunter', 1984 film "Falling in Love" and 1996 film 'Marvin's Room'.
Streep, 64, is also starring opposite Jeff Bridges in "The Giver", again an adaptation of Lois Lowry novel of the same name.
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