Danny and Sandy do the holidays!

Nearly 35 years after their smash hit Grease, John Travolta and his on-screen love interest Olivia Newton-John are coming together just like they did in the flick for a new Christmas-themed music video, "I Think You Might Like It."

"We're driving in a '55 T-Bird and we're dressed kind of like we were then. . . at the end of the video we are going off in the car like we did in Grease," Newton-John, 64, tells Extra's Jerry Penacoli of her reunion with Travolta, 58, who played Danny opposite Newton-John's Sandy. (Watch the clip above now!)

Joined by music heavyweights like Barbra Streisand and Tony Bennett on their new album, This Christmas, released in November, Travolta tells Extra collaborating for their latest project was a no-brainer. "We were friends for all this time, and I think that speaks for itself. There's nothing more magical than feeling bonded together," he confirmed.

All proceeds from their album sales will go to The Jett Travolta Foundation -- in memory of Travolta and Kelly Preston's son, who died in 2009 at age 16 -- and the Olivia Newton-John Cancer and Wellness Centre in Melbourne, Australia. (2012 marks Newton-John's 20th year cancer-free.)

"Every time I heard [our guest vocalists'] voices with our voices I cried," Travolta said. "Their sentiment toward my son and toward Olivia's hospital -- the whole thing meant so much to me."

Watch their new music video above now!