John Travolta & Olivia Newton-John Release Grease-Inspired Video

12/05/2012 AT 03:00 PM EST

To many, John Travolta and Olivia Newton-John will always be high school loves Danny Zuko and Sandy Olsen from the 1978 hit Grease. Now, the two have reunited for a holiday album – and a Grease-themed video.

In the video for "I Think You Might Like It," Travolta flies a plane home while Newton-John drives a classic convertible full of gifts. The pair reunite in a field to perform some dance moves reminiscent of their Grease finale, "You're the One That I Want."

The video – which was shot in part in Ocala, Fla., where Travolta lives – also features his wife, Kelly Preston, their 12-year-old daughter Ella Bleu (who is wearing blue in the video) and their 2-year-old son, Benjamin.

The final moments of "I Think You Might Like It" – a song written by John Farrar who also wrote "You're the One That I Want" – echo the ending of Grease in which Danny and Sandy fly off in a shiny convertible.

Travolta and Newton-John's album, This Christmas, also features Barbra Streisand, James Taylor, Tony Bennett and Kenny G. All the proceeds from the album sales go to charity.

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