The group, who have reunited for a Sky Living documentary series and the release of their Ultimate Collection album, admitted that they turned down an offer to perform on the talent show in 2009.
"We were actually asked to perform on The X Factor a couple of years ago," Lisa Scott-Lee told Digital Spy.
"We nearly agreed but timing wasn't right for us to get back together. We wouldn't say no to a Steps-dedicated week on this year's show though!"
She continued: "It's a great show because it gives new talent a platform but there's the flip side to that - it's not always necessarily about the music and longevity."
Lee Latchford-Evans added: "The new judges are great - it was definitely time for fresh blood. They're very now and they connect with a 'now' audience. People can relate to this lineup."
Scott-Lee quipped: "Gary is looking so hot on it as well. I used to be all about Robbie but now I'm a Gary woman!"
Steps release their Ultimate Collection on October 10.
Watch Steps talk about their new TV series below: