The 'Pure and Simple' hitmakers - Kym Marsh, Noel Sullivan, Suzanne Shaw and Danny Foster - reportedly discussed potentially playing some shows to mark the 20th anniversary of them being crowned the winners of ITV's reality series 'Popstars' in February 2021.
There was also talk of a documentary on ITV in their WhatsApp message group.
A source told The Sun newspaper: “Hear’Say were one of the original reality groups to come good, and something of a cult band.
“Right now, there’s a real demand for nostalgia and feel-good celebrity — and Hear’Say fit the bill.
“The group exchanged a series of messages about a reunion, proposing a few tour dates and a couple of one-off TV appearances, as well as a possible ITV documentary.
“But after much consideration, Myleene politely said that after a lot of thought she didn’t think the time was right for her.”
Last October, Kym, 44, admitted she wouldn't rule out a one-off show.
She said: "I can't see a Hear'Say reunion on the cards, but I'd love to do a one-off show, maybe just for Manchester Pride."
While Myleene, 42, previously admitted her kids Ava, 13, and Hero, nine, would love to see their mum back on stage with the band.
She said: "It's funny because at the stage that I am now – my children don't even realise that I was in a band, well Ava more so.
"I've gone from no, never, it's never going to happen to my children saying, 'Go on, just do it! We want to be able to see you do all the dance move.'
"They want to see if I can still dance and remember the words which at the minute would be a miracle with baby brain! I can just about remember my car keys."
However, the Smooth Radio host recently admitted that she was living in "constant fear" during her stint in the group and didn't know who to trust, because people were always trying to sell stories about them to the press.
She said last month: "Hear’Say was constant fear. We were so paranoid about everything. When I look bag, I want to hug us all. People selling stories nonstop, who to trust."
After forming on 'Popstars', the band had a huge hit with 'Pure and Simple' and released two studio albums in quick succession, 'Popstars' and 'Everybody'.
Kym departed the band in January 2002, with new member Johnny Shentall joining in February, before Hear'Say split in the October.