Lennox and Stewart scored a string of hits in the 1980s including 'There Must Be An Angel', 'Sweet Dreams' and 'Here Comes The Rain', but have not recorded a new album since 1999's Peace.
In an interview with Reuters, Stewart was quizzed on whether a new Eurythmics album is in the works.
"We're not talking about one right now, but never say never," he teased.
Stewart added that he is considering a musical centred around the music of Eurythmics.
"Annie and I wrote so many songs together, and they keep popping up in different places," he explained. "I have this idea of putting them all together in a theatrical piece in the not too distant future."
Lennox previously ruled out a Eurythmics reunion in 2009, claiming that she only "rarely" speaks with Stewart.
"For me it would be like a step backwards and I want to keep moving forward," she said at the time.
Watch Euryhtmics' 'There Must An Angel' music video below: