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NEW YORK — Glenn Close and Meryl Streep will costar in and coproduce “Mary Stuart,” a film adaptation of Friedrich Schiller’s dramatic play about the 16th Century monarch. The project culminates a plan hatched when the actresses first worked together in “The House of the Spirits.”

They’ve set Richard Eyre to direct the film, from a screenplay written by Charles Wood. Close and Streep will produce with Norma Heyman and Dyson Lovell. Heyman produced “Dangerous Liaisons,” which starred Close. Eyre has been the longtime director of the National Theater in London.

The film focuses on the tragic confrontation between cousins Mary Queen of Scots (Streep) and Queen Elizabeth I (Close). Elizabeth was the reigning queen, a status contested by her cousin; the rivalry ended in the execution of Mary Queen of Scots. The subject was treated in such previous films as “Mary of Scotland” (starring Katharine Hepburn) in 1931 and “Mary, Queen of Scots” (starring Vanessa Redgrave and Glenda Jackson) in 1971.

Close and Streep are currently putting together the financing independently with definite plans to shoot next summer.

CAA’s Fred Specktor reps Close, while CAA’s Kevin Huvane reps Streep and her attorney is Michael Gendler.