Not only did ''Grease 2'' mysteriously fail to nip Michelle Pfeiffer's career in the bud, but it also somehow failed to kill the ''Grease'' franchise. Paramount, the studio behind the 1978 hit musical and the 1982 flop sequel, is preparing a third helping of ''Grease,'' according to the Hollywood Reporter. Executive producing is Didi Conn, who played beauty school dropout Frenchy and was one of the few performers who appeared in both films.
According to the Reporter, the idea for a three-quel originated last fall at the DVD release party for ''Grease,'' during which John Travolta and Olivia Newton-John apparently impressed studio brass by reuniting to sing ''You're the One That I Want.'' At the bash, Conn approached Paramount chief Sherry Lansing with her idea: set the third movie in the disco 1970s, among the children of the original Rydell High gang. The original cast, including Travolta and Newton-John, would show up as parents, though the disco setting would presumably allow Travolta to break out of mothballs his white polyester ''Saturday Night Fever'' suit as well. Still, the studio has yet to hire screenwriters, so by the time the film gets underway, they may have to call it ''Grecian Formula.''