Johnny Depp is talking with Walt Disney Studios for a Hollywood version of Stephen Sondheim's Broadway musical "Into the Woods," Variety reported.
Disney officials and the actors' representatives had no immediate comment on the report.
The BroadwayWorld.com news website reported in October Streep, who has won three Academy Awards, was in talks to play the witch in the film.
Rob Marshall, who directed Depp in Disney's fourth "Pirates of the Caribbean" film, "Pirates of the Caribbean: On Stranger Tides," will direct "Into the Woods," Disney announced last year.
The film would be the second Sondheim musical adaptation Depp has worked on. He was also in the horror musical "Sweeney Todd: The Demon Barber of Fleet Street," directed by Tim Burton, and won a Golden Globe Award for Best Actor.
It is expected Depp will sing in "Into the Woods," Variety said.
Along the way, they meet up with "Little Red Riding Hood," "Jack and the Beanstalk," "Rapunzel" and "Cinderella" among other characters.
Depp will play the baker, Variety said.