The Seven Network announced the news today, sharing the first look of Goodrem as the much-loved Australian singer in her breakout role as Sandy in 1978's hit Grease.
The two part series will be a moving tribute of Newton-John's life, charting her path from Australian sweetheart to international superstar.
Hopelessly Devoted To You will look at both the highs and lows in her life, including the singer's cancer diagnosis.
Goodrem took to Instagram to share her joy of acting out her idol's life on screen.
"Nothing could ever compare to the one & only Olivia," she said. "One of the highlights of my life, to walk in the footsteps of my idol in this magnificent celebration of her journey."
Olivia Newton-John: Hopelessly Devoted To You will air on the Seven Network in 2018.