Streep will play Mary Louise Wright, the mother of Perry Wright, the abusive creep played by Alexander Skarsgard in the first season.
Zoe Kravitz, who pocketed $470,000 for the first season, will now be paid $3.7 million for her role as hippy mother Bonnie Carlson.
"Concerned for the wellbeing of her grandchildren following her son Perry's death, Mary Louise arrives in Monterey searching for answers", Hollywood industry publication Variety said, of Streep's character.
Man attacks comedian with bar stool after he makes joke about crowd
At one point, Marvin got up from his table, jumped over LaSha's table and rushed to the scene where he attacked the comedian. He also posted a video where he demands comedy clubs do a better job of protecting performers with more security.
Streep received her record 21st Oscar nomination on Tuesday for her role in "The Post".
Streep, who won acting Emmys for the miniseries "Holocaust" (19798) and "Angels in America" (2003), has appeared as a guest in episodes of Showtime's "Web Therapy" in 2012 and did voices for an episode each of "King of the Hill" and "The Simpsons" in the 1990s. Here's a bit more on the project, which was originally billed as a limited series a year ago until critical and awards acclaim motivated HBO to make new deals with the show's producers and cast for another round: Kidman's Wright is "reeling from her husband Perry's death, Celeste is adrift, but determined to fight for her family and find the woman she once was".
This is a significant pay rise from season one, which reportedly saw Kidman take home a six-figure sum for each Big Little Lies instalment before its Emmy and Golden Globe successes.
HBO's Big Little Lies just got stacked with another Oscar-winning heavyweight. The first season left off where Liane Moriarty's novel of the same name (on which the show is based) ended, so the second season will be entirely based on a new story.
"Big Little Lies", which debuted on HBO in February 2017, won eight Emmys previous year and recently added four Golden Globes to its impressive awards haul. Andrea Arnold is set to direct all seven episodes.