A spokesman for music retailer HMV said: "Whilst All Saints are likely to pick up sales, a top three spot is likely to be out of reach on this evidence."
All Hooked Up - which released on Monday - just made it to the number seven slot in the unofficial midweek singles charts, a week after speculation about the future of the London-based four-piece.
It is the third single from their album Saints and Sinners but does not look likely to follow the success of its predecessors.
Pure Shores was the second biggest-selling single of 2000 and Black Coffee went to number one in October.
A spokesman for music retailer HMV said: "Whilst All Saints are likely to pick up sales, a top three spot is likely to be out of reach on this evidence."
The relatively poor performance of All Hooked Up comes after reports last week that the foursome were close to going their separate ways after a series of rows.
Figures released on Tuesday showed that All Hooked Up had sold 4,413 copies.
That number is less than half the amount of the copies sold for US rockers Limp Bizkit's Rollin', which is at number one with sales figures of 10,050.
Last week's number one Love Don't Cost A Thing from Jennifer Lopez slipped to number three. Rui da Silva's Touch Me has gone up one place to two.
Uncertainty
The HMV spokesman added: "Singles that are already out there are still selling well.
"But it is worth remembering that a lot of people have the All Saints album so might not feel inclined to buy the single."
All Saints are keeping fans guessing over their future. A statement has been expected since last week.
The quartet - made up of Melanie Blatt, Shaznay Lewis and sisters Natalie and Nicole Appleton - have had five number ones since their first major hit, I Know Where It's At, in summer 1997.
They also managed four top 10 hits from their debut album.
On Monday they were nominated for the best British group award at this year's Brit Awards.
Latest reports say that All Saints are in talks with their lawyers in order to decide if the act still has a future.
An 11-date tour is due to begin in May, and cancelling the shows could cost the group millions of pounds.