BBC and NBC looking for the one that they want

The deal follows the BBC's current Graham Norton-fronted reality TV talent show 'How Do You Solve a Problem Like Maria?', which is searching for a Maria to play in a West End production of Rodger and Hammerstein's 'The Sound of Music' next year.

The deal is a coup for the BBC, which is enjoying its most successful period in America for many years, having sold versions of 'Strictly Come Dancing' and other hit shows like 'Extras' to US networks.

The success of British-made productions in the US bodes well for 'Grease', after Channel 4's success with 'Wife Swap', which was renamed 'Trading Moms', ITV's 'Pop Idol' franchise, which was rehashed as 'American Idol' for Fox Networks, and the BBC's 'Strictly Come Dancing' format, which became 'Dancing with the Stars' for ABC and received rave reviews Stateside.

Wayne Garvie, director of content and production at BBC Worldwide, said: "This show is the real deal, a talent search with a phenomenal and tangible prize. We've got judges with the best credentials and with a huge investment in the success of Broadway."

'Grease' was first performed in Chicago in 1971, before making its Broadway debut a year later.

However, it was the 1978 film adaptation which transformed 'Grease' into a worldwide success and made household names of John Travolta and Olivier Newton-John.

'You're The One That We Want' will be produced by BBC Worldwide and co-produced by the corporation's Paul Telegdy and David Ian.

Last month NBC Universal announced it had signed a digital distribution deal with BT to make films available to download to PCs.

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