Grease Live: It's been about a week since Fox announced that it will broadcast a live performance of the legendary Broadway hit "Grease" and speculation is just beginning on Grease Live Casting.

'Grease' will spend one hot summer night live next year. FOX is playing into nostalgia with a special called "Grease Live" which is set to air in 2015 After the success of NBC's "Sound of Music Live!," Fox announced that it plans to broadcast a live production of "Grease" next year. 

E! jumped on Zac Efron as their favorite contender to play Danny Zuko in the three-hour live production of the hit 1970s high school musical "Grease."

When E! caught up to Efron during the premiere of his new comedy, Neighbors, Zac said "That's an honor. Those are big shoes to fill. I think I came as close to it as you could in High School Musical. To actually do that? Yeah, those are big shoes."

NBC recently announced that it plans to produce a live version of "Peter Pan" next December.

The Fox live musical event will be based on the 1971 Broadway musical Grease that also was turned into a  hit movie starring John Travolta and Olivia Newton-John in 1978. Book, lyrics and music for Grease came from Warren Casey and Jim Jacobs, who wrote the original version.

Fox's special live broadcast will feature live performances of popular songs like "Summer Nights," "Greased Lightnin" and "You're the One That I Want."

In a statement, Fox senior Vice President of event series Shana C. Waterman said "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. 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."

Paramount TV president Amy Powell said "It's incredibly exciting to have one of our first major network productions be based on this universally celebrated Paramount title, and we're thrilled to be partnering with Kevin [Reilly], Joe [Early] and Shana [Waterman] on this epic television event," Paramount TV president Amy Powell said. "Fox's passion for engaging audiences with bold storytelling and live musical formats make it a perfect home for this special broadcast."

Last December, NBC scored high in the ratings with a live broadcast of the musical "The Sound of Music" which starred  Carrie Underwood. NBC's "The Sound of Music," also starred Audra McDonald and True Blood's Stephen Moyer. It pulled in almost 19 million viewers last December.

Grease will be produced by Paramount Television. The "Grease Live" cast and premiere date have not yet been announced.