Paramount Pictures remains hopelessly devoted to its Grease franchise. The studio is developing a third installment of the musical film series that would be set in the late-'70s and revolve around the children of John Travolta and Olivia Newton-John's characters. According to The Hollywood Reporter, Travolta and Newton-John have both been offered roles in the pic. However, rumor has it that Maxwell Caulfield and Michelle Pfeiffer have been barred from coming within 100 miles of the set.