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The pop band are apparently hoping to reform after the recent success of Steps' comeback.
Representatives for S Club 7 are reportedly trying to agree a deal with their former boss Simon Fuller, who still owns the S Club brand.
A source told The Sun: "S Club have seen what's happened to Steps and want a piece of it.
"They're hoping to make a TV show following their reunion, a tour and the release of an updated Greatest Hits album – just like Steps."
Members Jo O'Meara, Bradley McIntosh and Paul Cattermole can still be seen on tour under the name of S Club 3. However, the trio are keen for the remaining four bandmates (Rachel Stevens, Tina Barrett, Hannah Spearritt and Jon Lee) to rejoin the group embark on a comeback tour.
A spokesperson for the group refused to comment about a possible reunion.