George Michael and Andrew Ridgeley, who announced their decision to split in 1986, are planning a "pop extravaganza" to celebrate the 30th anniversary of their debut hit, according to The Mirror.
An insider told the paper: "They probably won't do a long tour or release new material like Take That but they do want to commemorate the event with a big gig... and an even bigger party afterwards!
"Things are still in the early stages but everybody is getting really excited about it."
Michael, who has previously said that the 'I'm Your Man' group would "never" get back together, recently announced his new single 'White Light' as a way of celebrating his 30-year milestone.
The source went on: "George and Andrew have often said their 'Club Tropicana' days are well behind them, but seeing as their anniversary coincides with George releasing new material, it's one of those 'now or never' moments."
Wham! released three studio albums and sold 25 million records worldwide from 1982 to 1986.
The 'Careless Whisper' singer has said of his impending anniversary: "Although I know the music industry tradition on such occasions is to list the hundreds of millions of albums sold, the number of records broken and awards received over all those years, I would simply like to say thank you."
> Read Digital Spy's 2011 interview with Wham! backing vocalists Pepsi and Shirlie
Watch the video for Wham!'s 'Wake Me Up Before You Go-Go' below: