Anne Hathaway and James Franco
Anne Hathaway and James Franco will host the 2011 Academy Awards on Sunday Feb. 27 at 8 p.m. Reuters

Will James Franco and Anne Hathaway pay homage to Grease at the 83rd Annual Academy Awards?

The Oscar nominated actor posted a video on Twitter of him and his Academy Awards co-host reenacting the iconic carnival scene from the 1978 movie. In that scene in the movie, John Travolta and Olivia Newton-John sing the song, You're The One That I Want.

In the 19-second video Franco has slicked back his hair and Anne Hathaway is donning skin-tight leather pants just like the characters Danny Zuko and Sandy Olsson did.

It is not clear whether the co-hosts will perform this song at the Academy Awards, which air live on Sunday Feb. 27 at 8 p.m. EST on ABC.

Watch the video below.

83rd Annual Academy Awards Coverage