Roger Taylor - the group's drummer - revealed that they are in talks with the American Idol singer after he impressed them during their collaborations at last month's MTV EMAs.
He told Billboard: "He has grown into a really great performer with an astonishing voice with a range that's great.
"We would like to work with him again. There's nothing signed just yet but we're talking about live dates. It could be very exciting."
The band are currently finalising preparations for a 'Queen Extravaganza' tour, which is expected to feature three vocalists and a five-piece band.
Queen have also indicated that they would like to work with Lady GaGa on a future television project.
Meanwhile, Lambert recently confessed that he has "sex music" on his forthcoming album Trespassing, which is expected to be released in February 2012.
> Adam Lambert facing legal action over pre-'American Idol' recordings
Listen to Queen and Adam Lambert's rendition of 'The Show Must Go On' below: