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

Move over NBC. You've got some competition coming. On the heels of NBC's live presentation of The Sound of Music, which starred Carrie Underwood and drew huge ratings to the network, Fox has announced its own live musical project — and Grease is the word.

Currently titled Grease Live, this production of the Warren Casey and Jim Jacobs musical, made iconic by the 1978 film adaptation starring John Travolta and Olivia Newton-John, will air sometime in 2015. The cast has not yet been announced.

"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," said Shana C. Waterman, senior vice president of Event Series for 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."