Stevens told The Sun that the band members do keep in touch, but that it's difficult for all seven of them to get on the same page in terms of schedule and ideas.
She said: "I always say the same thing that getting seven of us together, it's different to any band really because there is those extra two make who make a difference logistically.
"If everyone was up for it, one million per cent."
Formed in the late 1990s, S Club 7 rose to fame in 1999 when they starred in the CBBC series Miami 7 as versions of themselves trying to make it big in America.
The group went on to secure four UK number one singles, including Bring It All Back and Don't Stop Movin' — as well as five number two releases and a number one album.
Original member Paul Cattermole left the group in 2002 and the remaining members parted ways a year later.
The group reformed for Children in Need in 2014 and all seven members took part in a reunion arena tour in 2015, entitled Bring It All Back in reference to their debut single.
The S Club brand still exists, with original members Bradley McIntosh and Tina Barrett touring alongside S Club Juniors singer Stacey Franks under the name S Club Allstars.
Stevens, meanwhile, has appeared on numerous reality TV series in recent years including Celebrity Masterchef in 2017 and Dancing on Ice in 2022.
The other S Club 7 stars have recently expressed mixed views about the possibility of another reunion, with Jo O'Meara saying "if it happens, it happens".
Hannah Spearritt, meanwhile, told Metro last week that a reunion now "wouldn't work" as she is "very much living the next chapter of life".
Perhaps fans shouldn't be making plans to reach for the stars just yet.
Watch: Rachel Stevens answers S Club 7 trivia questions