Robert Plant, John Paul Jones and Page reunited for the first time in many years, along with late Led Zeppelin drummer John Bonham's son Jason, for a 16-song set on December 10, 2007.
Their performance at the tribute concert for the late music executive Ahmet Ertegun led to rumours of a full tour.
Led Zeppelin guitarist Page has now disclosed to Rolling Stone that even he initially believed a larger-scale reunion was the band's goal.
"Some of us thought we would be continuing, that there were going to be more concerts in the not-too-distant future. There was a lot of work being put into the show," Page told the publication.
He went on to suggest that Plant ultimately backed out of any further concerts to record the album Raising Sand with Alison Krauss.
"[Robert] was busy. He was doing his Alison Krauss project. I wasn't fully aware it was going to be launched at the same time," the guitarist recalled.
"So what do you do in a situation like that? I'd been working with the other two guys for the percentage of the rehearsals at The O2. We were connecting well. The weakness was that none of us sang."
Page, Jones and Bonham held auditions with Myles Kennedy and Steven Tyler for a potential new lead singer, but nothing substantial ever developed.
"The timing wasn't the best," Page said of continuing to work with Plant, Bonham and Jones. "We had put so much toward The O2. And the three of us were catching up with stuff. It was very good, seriously promising. But there was this other thing going on. And that's it."
The 2007 Ahmet Ertegun Tribute Concert was recently released on DVD under the title Celebration Day, and Page is currently remastering Led Zeppelin's albums for a possible 2013 release.
Watch Led Zeppelin perform 'Black Dog' in Celebration Day below: