ON June 16, 2018, Grease will officially turn 40.

The musical film, which starred Olivia Newton-John and John Travolta, was an instant box office success and became a cultural phenomenon.

Newton-John told Forbes.com she sees no chance of a sequel to Grease.

"I think it's a bit late now. What would you do? Put us in a nursing home?" she said.

"I can't imagine that working now but you never know what someone could come up with. If there was a great idea then, of course, we would consider it, or at least I would. If John was up for it then I think I would be too but we couldn't do it without each other. Let's see what the future brings."

In Australia, ARIA award-winner singer songwriter Delta Goodrem has announced a brand new single, Love Is A Gift, a duet with Newton-John.

The single is the first taste of new music from I Honestly Love You, the companion album to the upcoming Seven Network's TV series Olivia: Hopelessly Devoted To You, inspired by the life of Newton-John.

The first single off the album Love is a Gift, was originally released in 1998 and was written by Newton-John, Earl Rose, and Victoria Shaw.

 Newton-John said the new recording gives the song a new purpose.

"When we wrote Love Is A Gift, we wrote it as a love song," she said.

"Now, when (Delta and I) sing it, it's about friendship and love between friends. And so it still has the same meaning; it's just a different time for the song."

I Honestly Love You will release on Friday, May 11, and is available to pre-order now.

Newton John, who lives in Los Angeles and co-owns Gaia Retreat in Newrybar, recently said she was 'horrified' when she heard Channel 7 had made a new mini-series about her life.

She told the Australian Women's Weekly that she "probably won't watch it," adding, "when they told me they were doing it, I was horrified."

Goodrem said: "Having Olivia as a friend for all these years has been such an incredible gift. From a young age, she was an artist I admired and looked up to. I love the sentiment of this song."

Olivia: Hopelessly Devoted To You will air on Channel 7 later in the year.