Their band-mate Lisa "Left Eye" Lopes died in a car crash a decade ago. Thomas and Watkins completed the group's fourth album "3D" after her death, but have since only released a handful of new songs.
The BBC said Thomas and Watkins announced their plans for an album and concert tour to support it during an appearance at the Mobo Awards in Liverpool.
"We're going to still sound like TLC, evolving to whatever level we need to be at this time," Watkins said.
"We've always grown throughout the years and have always had our own sound. That's what works for us and we don't have to worry about anybody else," Watkins said. "When that stops working, maybe we'll hang up the towel, but that still works. We have to get into the studio and start feeling how we feel. You have to find yourself first and then you find the path and then you have an album before you know it."
The BBC said there has been speculation Lopes could appear on stage during the concert tour as a hologram, much like late rapper Tupac Shakur's recent high-tech "performance."