Thesp was set to star opposite Penn, Law, Winslet

Meryl Streep has decided to bow out of Columbia’s “All the King’s Men,” based on the novel by Robert Penn Warren.

The studio is in talks with another A-list actress, with an announcement expected imminently.

Streep was set to play Sadie, the aide to Willy Stark (Sean Penn), the Huey Long-like politician whose rise and fall the film chronicles.

Pic also features Jude Law and Kate Winslet.

Steven Zaillian wrote the script and is directing.

Phoenix Pictures chairman Mike Medavoy and prexy Arnold Messer are producing with Zaillian and former Col exec Ken Lemberger.

Longtime Democrat consultant James Carville and Todd Phillips are exec producing. David Thwaites is overseeing for Phoenix.

Streep, who received this year’s AFI lifetime achievement award, won an Emmy for the HBO miniseries “Angels in America.” She most recently starred in another political drama, Paramount’s “The Manchurian Candidate,” and next stars in “Lemony Snicket’s A Series of Unfortunate Events” opposite Jim Carrey.

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