According to Holy Moly, the three singers are said to be in discussions with record company Warner and have also been offered three seperate solo deals.
The label is reportedly eager for the trio to record new music with producers including William Orbit and Stuart Price.
The original lineup rose to fame with single 'Overload' in September 2000 and released album One Touch.
Donaghy quit the group a year later and was replaced by Heidi Range. Amelle Berrabah joined in December 2005 after the departure of Buena.
Buchanan became the last original member to leave the group in September 2009. She was replaced by Jade Ewen.
The 25-year-old recently ruled out getting back together with Buena and Donaghy, claiming that it was "not in our plans at all".