By Nicole Sperling
October 01, 2010 at 08:15 PM EDT

Though Meryl Streep has signed on to star opposite Julia Roberts in the film adaptation of August: Osage County, the actress will first have to become head of state before she tackles August‘s drug-addicted matriarch. The Academy Award-winning Streep will next film The Iron Lady, the biopic centered on British prime minister Margaret Thatcher. (The film will focus on the days leading up to the Falklands War in the 1980s.) Streep had been rumored to play the role for some time — she’s now set to star opposite Jim Broadbent, who will portray her husband Denis Thatcher.

Streep will partner with her Mamma Mia! director Phyllida Lloyd for the drama, with BBC Films and Pathe International on board to produce. That a British production would cast the American actress as their fabled prime minister certainly speaks to Streep’s acting prowess. And it already has some British citizens up in arms. British bloggers are saying Thatcher’s own children are upset with the casting choice. No matter — this is Streep. And like everything she’s done in the past, she will probably knock this out out of the park too.

Production on The Iron Lady is scheduled to begin by year’s end.

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Meryl Streep and Julia Roberts in the film version of ‘August: Osage County.’ BIGGEST. MOVIE. EVER.