The 1978 film is regarded as one of the great movie musicals

The show follows the success of BBC One's How Do You Solve A Problem Like Maria which saw Connie Fisher starring in the Sound of Music.

It will go against the BBC's own follow-up which will uncover a lead for Joseph and his Techincolour Dreamcoat.

Cowell beat the BBC to the rights to the Grease show after the corporation set up the American version.

Auditions to find two unknowns to fill the roles of Sandy and Danny will begin in the near future with a view to a new stage production opening next summer.

These two parts will be the most sought-after roles in the West End Simon Cowell

BBC Worldwide is already co-producing a US version for NBC, hosted by Denise Van Outen and titled Grease: You're The One That I Want!

Cowell denied stealing the UK show from the BBC.

"As with anything you want to buy, you have got to pay a lot of money. These things don't come cheap and rightly so," he said.

"I think it's good the BBC haven't got it so it isn't coming out of licence fee payers' pockets. I think we have done a great service."

Cowell, who has just signed a reported �20m deal for three more seasons of X-Factor, added: "In my opinion, Grease is the best musical on the planet. These two parts will be the most sought-after roles in the West End.

"It will work beautifully for us as a reality show. There will be a lot of twists."

Cowell will be taking a back seat with theatre producer David Ian, who appeared on How Do You Solve A Problem Like Maria?, being the lead judge.

Ian will produce the West End show in partnership with Paul Nicholas.