This year, Fox will bring the musical "Grease" to the small screen with a live performance akin to NBC's "Peter Pan Live!" And now, Vanessa Hudgens and Julianne Hough are both confirmed to be part of the cast.

Hough will play the lead female role of Sandy Olsson, while Hudgens has been cast as the rebellious Rizzo. In the 1978 movie musical starring John Travolta, Sandy was played by Olivia Newton-John, while Stockard Channing played Rizzo.

Both actresses are no stranger to performing on TV; Hudgens rose to fame starring in Disney's "High School Musical" series, while Hough is a two-time champion on "Dancing with the Stars." More recently, Hudgens appeared in "Spring Breakers," while Hough starred in the movie musical "Rock of Ages."

Hough is more than thrilled to have scored the lead. "'Grease' is one of the movies that made me want to be an entertainer, and I have literally been waiting my whole life to play Sandy," she told EOnline.

And Hudgens is also psyched on her role: "Being Rizzo is something I've never imagined, and I love that because it will be a new challenge. She is such an iconic character that continues to transcend generations. I cannot wait to bring her to life on live television. I'm going to be a Pink Lady!"

"Grease Live" is set to air on Fox on January 31, 2016.