Queen hit the road with former Free and Bad Company frontman Paul Rodgers in 2005 for an extensive four-year-long world tour, and he has also expressed an interest in reteaming with May and Taylor for one-off spectaculars and charity shows.
Several reports have suggested May, Taylor and Queen will be part of the London Olympics Opening Ceremony next year.
Meanwhile, Taylor is also creating a Queen tribute band for his Queen Extravaganza Tour project, which will feature three singers and a five-piece band.
The drummer will serve as producer and music director, although he will not be performing on the tour.
"I don't think any band has done this. Very few are even endorsed,'' he said.
"I can think of Australian Pink Floyd, but there are so many of them I thought we need to have the one.''
Taylor hopes to launch the project next year.
- AAP