Meryl Streep in talks to play Margaret Thatcher

Meryl Streep, best actress nominee for ''Julie & Julia,'' arrives at the 82nd Academy Awards in Hollywood, March 7, 2010.

LOS ANGELES (Hollywood Reporter) - Meryl Streep is in talks to reteam with her "Mamma Mia!" director Phyllida Lloyd for "The Iron Lady" a biopic of controversial and long-governing former British prime minister Margaret Thatcher

Jim Broadbent is in talks to play Thatcher's husband, Denis, for the film which is being co-produced and co-financed by Pathe and Film 4.

"Lady" is based on a script by Abi Morgan and, as described by Pathe, "tells the story of a woman who smashed through the barriers of gender and class to be heard in a male-dominated world. The story concerns power and the price that is paid for power, and is a surprising and insightful portrait of an extraordinary and complex woman."

Damien Jones ("Sex & Drugs & Rock & Roll") is producing. Jones was developing another Thatcher biopic, simply titled "Thatcher," which was originally developed with BBC Films. That version was set during the Falkland War.

If a deal is completed, the role of Thatcher would be the highest-profile character yet tackled by Streep, who has garnered Oscar nominations for playing real-life women such as whistleblower Karen Silkwood, author Susan Orlean and cooking guru Julia Child.

Lloyd, a British theater director known for her work in the opera world, elicited energy and brought out youthfulness in Streep in her feature adaptation of "Mamma Mia!," which grossed more than $600 million worldwide in 2008.