Amid new movements for female equality and empowerment, the band said: "The time now feels right to explore some incredible new opportunities together".
"We have enjoyed a wonderful afternoon catching up and reminiscing about the unbelievable times we have spent together", they said in a statement via their publicist.
There have been rumours of a £10 million pay day per band member floating around, but Mel C insisted the group just want to spread a little happiness and joy in tough times.
Sporty Spice, 44, said "we need the girl power message more now than ever", suggesting that the band members had their famous legacy on their mind in addition to a £10 million paycheck when they chose to reform.
Word of a potential reunion first surfaced after Horner posted a photo of the five Spice Girls posing together on Instagram, after which the former band members used their Instagram accounts to drop further hints.
Captioning a picture of the five of them all together, Victoria wrote: "Love my girls!"
"Emma Bunton told her followers that the "future is looking spicy" and Geri Horner said "#girlpower is alive and well".
Girl Power is back with the news that 90s pop sensation the Spice Girls could reunite, according to the Euronews. Brown tweeted: "These awesome women have helped me become who I am". Victoria and Geri agreed it would be impossible to be part of a fully-fledged tour because of family and business commitments.
Some Twitter users were positive about the speculation of a reunion.
I really hope said announcement never comes. "No one in their right mind would turn down 10M!"
"The amusing thing is that unfortunately we can't do anything without it being all over the press", she said.