The 'Just a Little' group were rumoured to be planning a comeback after Heaton was photographed with former members Kelli Young and Jessica Taylor.
However, Heaton later denied the reports, stating that they happened to meet up by coincidence.
The singer has now explained that if they were to get back together, it would most likely just be for a one-off gig rather than a full comeback.
"We're not under any pretences that we're going to be as big as what Steps have done or Take That. They are phenomenons, they've done amazingly well," Heaton told Entertainment News.
"I think that if we were ever to get back together, it wouldn't necessarily be a reformation.
"It would be a one-off gig. We'll have to wait and see. I'll never say never, but at the moment it's a no, just because we haven't said yes."
Watch the video for Liberty X's 'Holding On for You' below: