"Grease" coming to live TV

John Travolta and Olivia Newton-John in the 1978 movie version of "Grease."

"Grease" is the word -- on live TV, that is.

On the heels of NBC's live "Sound of Music" TV event, Fox is following suit with a small-screen version of "Grease." The network will air a live three-hour broadcast of the hit musical next year, Kevin Reilly, president of Fox, announced Monday.

Based on the 1971 Broadway show as well as hit 1978 film starred John Travolta and Olivia Newton-John, the upcoming TV special will feature the familiar songs and characters -- but with a new, young ensemble cast taking on "You're the One That I Want" and "Summer Nights." Cast members haven't been announced yet.

NBC's staging of "The Sound of Music," with Carrie Underwood and Stephen Moyer, brought in high ratings last year.

Tell us: Who should play the leads Danny and Sandy?