The actress will take on the role of the iconic star in a film adaptation of the play Master Class for the HBO Tv network, according to the New York Post's gossip column Page Six.
The Tony Award-winning play was written by Terrence MCNally and opened on Broadway in 1995. In the show, Callas reminisces about her life while teaching a class at the famous Juilliard School of performing arts in New York City.
The Graduate director Mike Nichols will helm the production, which will begin filming in January (15).
Nichols and Streep have previously worked together on movies Heartburn, Silkwood and Postcards from the Edge as well as Hbo mini-series Angels in America, which aired in 2003.
Another biopic about Callas, who died in 1977, was announced at Cannes Film Festival in France in May (14). Whale Rider moviemaker Niki Caro will write and direct that cinematic version.