Meryl Streep is no Miranda Priestly: She is fueled by the art of acting, not getting paid to wear certain high-end fashion brands.

On Friday, the iconic actress set the record straight on a rumor that she passed on the opportunity to wear a custom Chanel gown to the Oscars on Sunday, February 26 after another designer offered to pay her to wear their garment instead.

According to a statement issued by Streep's representative to Entertainment Tonight, "This is a completely untrue story. Ms. Streep would NEVER wear anything in exchange for payment."

The rumor began circulating when Chanel creative director Karl Lagerfeld told WWD that after customization had begun on a gown commissioned by the actress from Chanel's latest couture collection, Streep's camp called to inform the fashion house not to "continue the dress," as they found "somebody who will pay us [to wear their design]."

"After we gift her a dress that's [$105,000], we found later we had to pay [for her to wear it]. We give them dresses, we make the dresses, but we don't pay," Lagerfeld said, referring to Chanel's policy against paying celebrities to wear their garments.

"A genius actress, but cheap also, no?" the designer quipped.

Streep, who is nominated for Best Actress on Sunday, is up for an award for her performance in Florence Foster Jenkins. Whether she'll win her landmark 20th nomination or not is still to be seen, but one thing's for sure: the devil will likely NOT wear Chanel.

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