The group - who have reformed for a new UK arena tour - revealed that there are currently no plans to record material, but they would love to do it.
Band member Lee Latchford-Evans told the Daily Star: "There's talk of a new album but it's just speculation.
"We would love to do it but we haven't actually sat down with anyone to discuss how Steps might work in the modern world, and with which producers."
Speaking about their upcoming run of shows in the UK, Latchford-Evans added: "We haven't got any elephants on stage but we've got a few things the fans really want."
Steps will begin their reunion UK tour at Belfast's Odyssey Arena on April 2. Tickets for the shows are on sale now.
> Steps return to Sky Living for second reunion show
> Steps, Rick Astley, Jason Donovan for PWL reunion concert
Watch the music video for Steps' hit 'It's The Way You Make Me Feel' below: