Band member Gary Kemp said that the band would definitely join the lineup if they were asked, in order to perform their apt hit 'Gold'.
"We would love to take part. If they asked we would jump at it. I am so proud of the team," Kemp told the Daily Mail.
'Gold' has been used for a regular feature for BBC One's Olympics Tonight show with Gabby Logan every time a British athlete wins a gold medal.
Spandau Ballet's Tony Hadley recently said that One Direction should have closed the opening ceremony instead of Sir Paul McCartney.
George Michael has stated that he is feeling "nervous" about performing at the closing ceremony event on August 12.
One Direction, The Who, Take That, Queen and a newly-reunited Spice Girls are also rumoured to be performing at the ceremony.
Watch the video for Spandau Ballet's 'Gold' below: