People age out of roles, regardless of their gender identity. It happens. You move on.
Mike Nichols tried to get a Gypsy adaptation off the ground back in the early millennium, after Angels in America. Oddly enough, he was pitching it with Meryl in mind. That floundered, of course. I cannot remember if it was prior to the Nichols/Streep project or after, but Catherine Zeta-Jones was considered by some production team after winning her Oscar for Chicago. Arthur Laurents quickly vetoed the idea, saying Rose cannot be played by a second banana. (He would have said the same thing about Glenn Close, if we're being honest.)