The Oscar-winning actress could join Jeff Bridges and Brenton Thwaites in the cast, according to The Hollywood Reporter.
Directed by Phillip Noyce, the film centres around members of a society where there is no conflict, racism or sickness.
Meryl would play the society's chief elder.
The script for the film, expected to shoot in South Africa, is being adapted from a novel by US writer Lois Lowry.
Meryl will next star in August: Osage County alongside Julia Roberts, Ewan McGregor and Benedict Cumberbatch.
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