The former Guns N' Roses bass player told eGigs that he was still interested in continuing with the band despite his work with new project Loaded.
McKagan said: "We don't have a singer. We've written all the material but we're still looking for one. We're waiting for the right guy to come in but for sure we don't have him yet.
"We've worked with a couple of guys, but they've got to be 100% behind us because for all we do, we've got to go to war together."
He added: "There's been a couple of guys, man, I thought were perfect, but we'll find the right guy. They've got to be great, not just good."
Last year McKagan denied rumours that Royston Langdon would replace Weiland, while Lenny Kravitz also rejected reports that he had joined the band.