Netflix has lined up a huge project with mega-producer Ryan Murphy, as they're set to produce a movie adaptation of the hit Broadway show The Prom. The adaptation has lined up an absolutely stacked cast, one that includes Academy Award nominee Meryl Streep, amongst other A-listers. This gives the adaptation a whole lot of starpower and puts it on strong footing out of the gate.

According to a new report, the cast lined up for The Prom movie includes Meryl Streep (Big Little Lies), James Corden (Ocean's 8), Nicole Kidman (Aquaman), Ariana Grande (Hairspray Live!), Awkwafina (Crazy Rich Asians), Andrew Rannells (Girls) and Keegan-Michael Key (The Predator). In addition to his duties as producer, Ryan Murphy is also set to direct the adaptation. It's expected production will begin in December. What's more, it's said that Netflix is eyeing a fall 2020, awards-friendly release date. The streaming service is expected to give the movie a qualifying run in theaters, in addition to making it available for subscribers.

RELATED: What Does Meryl Streep Think About All That Dancing Neflix's The Prom Made Her Do?

Meryl Streep will play Tony winner Dee Dee Allen, with James Corden on board as Barry Glickman. Andrew Rannells will play down-on-his-luck actor Trent Oliver, Nicole Kidman will play veteran chorus girl Angie Dickinson, with Ariana Grande playing the daughter of the PTA head. Keegan-Michael Key will play Dee Dee Allen's romantic interest and Awkwafina will play Ms. Sheldon, a publicist.

This seems to be right in Ryan Murphy's wheelhouse. The producer, known for shows such as American Horror Story and Pose, also created Glee, which showcased his ability to effectively create crowd-pleasing, musical content. Murphy had a lucrative deal with 20th Century Fox Television. However, he left Fox in favor of a massive $300 million deal offered to him by Netflix, which spans five years. This is set to be arguably his biggest project to make itself known so far since the deal went into effect. For that kind of money, Netflix is going to want some seriously big hits. A potential Oscar contender may not be a bad place to start.

The Prom centers on four fading Broadway stars who are in desperate need of a new stage. When they get word that trouble is brewing around a small-town Indiana prom, with the press involved, they decide to put a spotlight on the situation. The town's parents want to keep the dance on the straight and narrow, but when one student wants to bring her girlfriend to prom, things get complicated and these stars are going to make their way to the small town in order to help fight the issue.

Bob Martin and Chad Beguelin penned the screenplay, with music and lyrics by Beguelin and Matthew Sklar. The original concept was cooked up by Jack Viertel. This is the first movie deal Ryan Murphy has cut with Netflix. He has three shows, The Politicians, One Flew Over the Cuckoo's Nest spin-off Ratched and Hollywood, in development. This news was first reported by Deadline.