Newcomer Brenton Thwaites has also been cast as the young lead in the movie version of Lois Lowry's novel, about a futuristic society where human memories are wiped to eliminate pain and sadness.
Thwaites' character Jonas is picked to receive his community's entire collection of emotions from the ageing Giver, to be played by Bridges, while Holmes will star as the youngster's mum.
Swift, who previously appeared in ensemble romantic comedy Valentine's Day, has also been given a supporting role in the movie, according to New York Post gossip column Page Six.
The casting would explain Swift's meeting with Thwaites at the recent Toronto International Film Festival in Canada which sparked a flurry of dating rumours.
The shoot is reportedly set to take place in South Africa but Streep is in talks to film her scenes in the U.K., where she is currently making the movie musical Into the Woods.