She would not say which part she was offered but did say "it wasn't Baby". That part will is now taken by Abigail Breslin.
Grey said she was excited about the remake, but only if they put their own spin on it.
"I think they've got wonderful actors in it. I'm going to be watching it and I'm excited. My only advice is to own it for yourself because we all just do our interpretation and I'm only flattered and excited for people who are excited enough to put their stamp on it and see what they make of it and how they make it their own," she said.
The late Patrick Swayze's character, Johnny Castle will be played by upcoming dancer and Broadway actor Colt Prattes, while Baby's sister Lisa Houseman will be played by Modern Family's Sarah Hyland.
Meanwhile, Debra Messing is set to play Baby's mum, while Penny Johnson and Billy Kostecki will be played by Nicole Scherzinger and Casper Smart.