Meryl Streep is said to have landed a $12.5 million payday to return as Miranda Priestly in The Devil Wears Prada 2.

The 77-year-old acting veteran's co-stars Anne Hathaway and Emily Blunt are also said to have landed identical eight-figure deals as the long-awaited sequel storms towards $300 million at the global box office.

Meryl reprised her role as icy Runway editor Miranda nearly 20 years after the original 2006 fashion phenomenon became one of the defining studio comedies of the era.

According to Variety, Meryl negotiated a "favoured nations" arrangement with co-stars Anne and Emily, ensuring all three women received equal salaries of $12.5 million for the David Frankel-directed sequel.

The film, released by 20th Century Studios, has rapidly become one of the year's biggest box-office successes and arrives amid renewed interest in legacy sequels and female-led franchises following recent Hollywood revivals.

Sources told Variety Meryl - a 21-time Oscar nominee whose recent work has included Hulu hit Only Murders in the Building alongside Steve Martin, Martin Short and Selena Gomez - could have commanded a far higher fee to return as Miranda Priestly.

Instead, sources claimed the actress helped negotiate parity between the film's leading trio.

According to the report, all three actors are also entitled to lucrative box-office bonuses as the sequel continues surpassing revenue milestones worldwide.

Sources told the publication each star could ultimately earn more than $20 million if ticket sales continue at their current pace.

Representatives for 20th Century Studios and talent agency Creative Artists Agency reportedly declined to comment on the Variety report, as did spokespersons for Meryl and her female co-stars.

The sequel reunites much of the original creative team, including director David Frankel and screenwriter Aline Brosh McKenna, whose original adaptation of Lauren Weisberger's bestselling novel transformed The Devil Wears Prada into a popular film classic.

The first movie grossed more than $326 million globally from a reported $35 million budget and became synonymous with Meryl's acclaimed portrayal of the ruthless fashion editor Miranda Priestly - a performance many critics regard as one of the defining roles of her career alongside films including Sophie's Choice, Mamma Mia! and The Iron Lady.

Speaking previously about the possibility of revisiting the franchise, Aline told Variety Meryl had signalled she was "open to ideas" for a sequel roughly two years ago.

The publication also reported The Devil Wears Prada 2 carried a production budget of approximately $100 million, with much of that figure reportedly allocated to cast salaries.

Also according to Variety, Meryl's biggest acting salary remains her fee for Adam McKay's 2021 Netflix satire Don't Look Up, in which she portrayed the US president alongside Leonardo DiCaprio and Jennifer Lawrence.