The group is known for hits such as Stay With Me and Cindy Incidentally
Faces keyboard player Ian McLagan has confirmed the surviving members of the band, including Rod Stewart and Ronnie Wood, have been considering a reunion.
"We're hoping to get together later this year to play and then we may have some news, but I want it to happen, badly," he told BBC 6 Music.
McLagan said Stewart was the only member uncertain about reforming.
"Rod hasn't wanted to do it for a long time. He didn't see the need in it but I think he really wants to now."
It has been nearly four decades since the band, known for hits such as Cindy Incidentally and Stay With Me, first formed.
"It's going to be great if it does happen," McLagan said.
The band was formed in 1969 by members of the Small Faces after frontman Steve Marriott left to form Humble Pie.
The remaining trio - Ronnie Lane, McLagan and Kenney Jones - were joined by Wood and Stewart.
Wood has since become for known for playing in the Rolling Stones and Stewart has had a successful solo career.
Lane also stayed in the music industry, but died in 1997 aged 51, two decades after being diagnosed with multiple sclerosis.
Rod Stewart has finally agreed to reforming, McLagan said
McLagan said now they had all agreed to reform, they were trying to find a time that was convenient for everyone.
"The Stones aren't going to tour for over a year so Woody has a window of opportunity; Rod has a window approaching. "My window is ever being opened and shut but I'll open that window and climb through it to work with The Faces anytime, and Kenney's up for it," he said.
The star, who has been working on some new material, thinks they would start playing in London and possibly go on to the US.
"It would be great to record new tracks. I have a couple of songs that Rod might like.
"We'd have to see - I think that would be the way to go, though, not just to go out on tour. It'd be great to have an album," McLagan said.
"I've got my fingers crossed, my eyes and my legs crossed," he added.