Meryl Streep is setting the record straight on some drama revolving around what she's going to wear at the Oscars on Sunday night.

On Friday, Streep's rep told ET that a story claiming she passed on a custom Chanel dress because she found another designer that would pay her to wear their dress instead is "completely untrue."

"This is a completely untrue story," Streep's rep tells ET. "Ms. Streep would NEVER wear anything in exchange for payment. This can be corroborated by Nancy Walsh [director of public relations] at Chanel."

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In a new WWD report, Chanel creative director Karl Lagerfeld claimed that Streep wanted to wear an embroidered gray silk gown from his recent couture collection on Oscars night, but in the middle of working to customize the dress for her, a member of her team told them, "Don't continue the dress. We found somebody who will pay us."

The brand has a policy of not paying celebrities to wear its clothes.

"After we gift her a dress that's 100,000 euros [$105,000], we found later we had to pay [for her to wear it]. We give them dresses, we make the dresses, but we don't pay," Lagerfeld said. "A genius actress, but cheapness also, no?"

Streep, 67, is nominated for a Best Actress Oscar on Sunday, for her performance in "Florence Foster Jenkins." This is the legendary actress' 20th Academy Award nomination, making her the most nominated performer in Oscars history.

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And it's safe to say Streep is pretty popular in Hollywood. The three-time Oscar winner had quite the night at the Screen Actors Guild Awards last month, when everyone in the room -- including Ryan Gosling and Viola Davis -- appeared to absolutely adore her.