Tell me more, tell me more.

The skin-tight pants and black leather jacket Olivia Newton-John wore in 1978’s “Grease” will go under the hammer this weekend — and are expected to fetch an electrifying $260,000.

“She wore them a couple weeks ago — they still fit,” said Martin Nolan, executive director of Julien’s Auctions, which is hosting the event.

“If you ask Olivia, she thinks it’ll go for a million dollars,” Nolan told The Post of the outfit. “It’s so iconic, I wouldn’t be surprised.”

The sexy getup — made infamous by the film’s final song “You’re the One That I Want” — is part of more than 500 items the Australia-born actress and singer, now 71, has decided to sell.

Also up for auction will be Newton-John’s custom Pink Ladies jacket embroidered with “Sandy,” the name of her character in the movie. It was gifted to the star by the cast and crew when filming wrapped and is expected to net between $2,000 and $4,000.

“Everything came straight from Olivia Newton-John,” Nolan said. “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.”

Other “Grease” items up for auction include a pink gown Newton-John wore to the movie’s premiere; her rehearsal shoes; a signed copy of the script; and handwritten lyrics for “You’re The One That I Want” signed by both Newton-John and her co-star John Travolta.

The heeled white boots Newton-John wore in the 1980 flick “Xanadu” and a dress she donned during the 1982 “Physical Tour” for her 12th studio album, “Physical,” will also be up for grabs.

A portion of the proceeds will go to benefit Newton-John’s cancer research center in Australia.

The auction will take place Nov. 1 and 2 in Los Angeles and online.