Olivia Newton-John's iconic outfit from 'Grease' is to be put up for auction.

The 71-year-old actress wore a pair of skin-tight pants and a black leather jacket in the 1978 movie, in which she starred alongside John Travolta - and Olivia's outfit is set to go under the hammer this weekend in Los Angeles.

Martin Nolan, the executive director of Julien's Auctions, which is hosting the event, told the New York Post newspaper's Page Six column: ''She wore them a couple weeks ago - they still fit.''

The memorable outfit is expected to fetch as much as $260,000 at the auction.

But Olivia is apparently hoping they'll sell it for even more money than that.

Martin continued: ''If you ask Olivia, she thinks it'll go for a million dollars. It's so iconic, I wouldn't be surprised.''

The outfit from 'Grease' is among the 500 items Olivia has decided to to sell at the auction.

Other items set to go under the hammer include Olivia's custom Pink Ladies jacket embroidered with Sandy, the name of her on-screen character in the hit movie.

The jacket - which was gifted to the actress by the cast and crew when filming wrapped - is poised to sell for between $2,000 and $4,000.

Martin added: ''Everything came straight from Olivia Newton-John.

''It's cathartic for her. It's letting go. She's curated all these items, she's kept them, stored them, preserved them all this time.''

A portion of the proceeds from the auction - which is scheduled for Friday (01.11.19) and Saturday (02.11.19) - will go to the Newton-John cancer research centre in Australia.

Olivia is a cancer survivor herself, and is now a high-profile advocate for breast cancer research and other health issues.