John Wells is directing from Letts' screenplay for the Weinstein Co. Production will start by next summer.
The play, which premiered in 2007 at Chicago's Steppenwolf, eventually headed to Broadway and London's West End. Harvey Weinstein has been developing a film version since 2007. He will produce with Jean Doumanian.
Per The Hollywood Reporter, the play revolves around a family's buried pains and present conflicts after its patriarch dies. Streep would take the role of the drug-addicted matriarch; Roberts would play the eldest daughter, whose estranged husband has had an affair with one of his students.