Television network executives are developing a three-hour live production of "Grease," which will air on FOX in 2015. "Grease Live" will be based on the 1971 Broadway musical, which spawned the hit 1978 film, starring Olivia Newton-John and John Travolta.

The rock 'n' roll musical centers on opposites Sandy and Danny, who fall in love over the summer and discover they go to the same high school.

"From Broadway to film, and across generations, Grease is one of the most beloved musical stories ever told - and we can't wait to bring it to our air in a spectacular live event," explained Shana C. Waterman, senior VP event series at Fox.

Its iconic characters and addictive songs make it the perfect fit for Fox, and we're going to give it the kind of star "power and production quality to make every Sandy, Danny, Rizzo and Kenickie out there want to get up and sing along."

"Grease Live" follows in the footsteps of NBC's "The Sound Of Music" live special, which starred country pop star Carrie Underwood. NBC is also developing a live version of "Peter Pan."