If deals close, Gyllenhaal and Pine would play their first on-screen singing roles.

PHOTOS: Note Perfect: The 15 Best Portrayals of Musicians in Movies

Into the Woods is a darkly comic mash-up of classic fairy tales that revolves around a childless Baker and his wife, who attempt to lift a family curse by journeying into the woods to confront the witch that put the spell on them. Along the way, they encounter a group of characters including Rapunzel, Cinderella and Little Red Riding Hood.

Streep will play the plum role of the vain and charismatic Witch while Depp will play a hungry and sexy variation of a fairy tale wolf.

Sources say that Gyllenhaal and Pine would play the musical’s two princes, Cinderella’s Prince and Rapunzel’s Prince, brothers who are pompous and self-absorbed.

A fall production start is being eyed. The project is expected to attract more big names. John DeLuca is producing.

James Lapine wrote the screenplay, based on his book for the 1986 musical. The Tony-winning original score is by Stephen Sondheim while frequent Marshall collaborator David Krane is working on the music arrangements for the film.

PHOTOS: 'Star Trek Into Darkness' Cast Beams Up to London for World Premiere

Pine, repped by CAA, John Carabino Management and attorney Michael Gendler, is gearing up for this weekend's bow of Star Trek Into Darkness, in which he reprises the role of James T. Kirk. He next stars in Jack Ryan for Trek studio Paramount.

Gyllenhaal, repped by WME and Bloom Hergott, last starred in the acclaimed police thriller End of Watch and next stars opposite Hugh Jackman in Prisoners, which Warner Bros. will open Sept. 20. He also is starring in and producing the indie crime drama Nightcrawler, which is eyeing a fall production start.

Email: Borys.Kit@thr.com, Twitter: @borys_kit

Email: Tatiana.Siegel@thr.com, Twitter: @tatianasiegel27