Exactly ten years later down to the week, "Here We Go Again" is gaining the same positive attention it got a decade ago.
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Streep also sings on ensemble number Super Trouper in the film, and she also appears on the digital version of the soundtrack singing The Day Before You Came - but it's unclear if this is actually in the movie.
"It's not what you think of when you think ABBA, because I did it in a different way", she explained.
It's not clear when the album is set to drop but fans are thrilled with the news.
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While ABBA hits like "Take a Chance on Me" and "Dancing Queen" have previously been covered by Erasure, by A-Teens and on "Glee", Cher said her renditions would break away a bit from the tried-and-true, 1970s Europop sound.
"I laughed out loud many times when I read (the script's first draft)".
The band said: "We all felt that, after some 35 years, it could be fun to join forces again and go into the recording studio".
Brosnan called the film " a great antidote to the times we lives in". "And it feels good".
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"Because she's lived a much longer life than I have", she added, jokingly referring to the fact that Cher is 72, only three years older than Streep herself.