An insider at Paramount Pictures confirms that John Travolta and Olivia Newton-John are indeed in talks to reprise their roles of Danny and Sandy for a "Grease 3" (Although I'm strongly doubting they'll whack a '3' on the end of it). We're told that it would be one 'for the fans' featuring the original stars, who we'd be catching up with all these years later and finding out what's going on in their lives post-T Birds and post-Pink ladies. Stockard Channing is also being eyed to reprise her role as Rizzo. Apparently the idea for a third "Grease" has been hot but the studio backed down when the idea for a Britney Spears /NSync headlined sequel met with much backlash from fans of the original film. Randal Kleiser, the director of the first film, will direct this new film - and he's doing the courting of the leads too.