Formed in 1969, the rock group is best known for its songs "Stay With Me" and "Cindy Incidentally." In addition to McLagan, Wood and Stewart, the band also included bass guitarist Ronnie Lane and drummer Kenney Jones. The group broke up in 1975.
"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," McLagan told BBC 6 Music. "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's going to be great if it does happen."
The musician admitted there are some difficulties in trying to coordinate the band members' schedules.
Stewart has a successful solo career, while Wood is the guitarist for the Rolling Stones.
"The Stones aren't going to tour for over a year so Woody has a window of opportunity; Rod has a window approaching," McLagan told the BBC. "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."