The group will represent the UK at the contest in May with their new track 'I Can'. The foursome previously hit back at their former manager Daniel Glatman's claims that taking part is "reckless insanity".
"It was a massive decision to make," Duncan James told The Sun. "We did take a lot of time to think about it. But we decided to do it because it is a great opportunity to make a comeback. It is the biggest TV programme in Europe.
"How many times do you get asked to represent your country? We were privileged to be asked."
His bandmate Simon Webbe continued: "We don't see this as career suicide. A lot of people will see it that way because of what has happened over the years, but we just want to show we are a live group and we are back."
Lee Ryan added: "This won't be the end for us no matter what happens in Eurovision."
The 2011 Eurovision Song Contest will take place in Düsseldorf on May 14.