According to The Sun, the veteran rockers met at Mayfair eatery Cipriani to discuss the possibility of returning to the studio with the band.
The original Faces lineup comprised Stewart, Wood, Ian McLagan, Kenney Jones and the late Ronnie Lane.
A source commented: "Ron and Rod had a great time reminiscing. They were having a laugh and a joke but there is still a serious hunger to get back in the studio.
"There are plans for the band to start recording in the autumn with a tour in the pipeline for this winter."
The Faces released four studio albums between 1970 and 1973, which included the hits 'Stay With Me' and 'Ooh La La'.