The Flying Without Wings hitmakers are reportedly negotiating with Simon Cowell's record label, Syco, to blaze the comeback trail with a new album and a 2016 tour.
A source tells Britain's The Sun newspaper, "Syco started the talks about getting Westlife back for an album. The idea now is that a new album could be released late next year with a tour to follow in 2016. The lads still have a massive following that would buy a new album in their droves and pay big money to see them again live.
"Syco want another big banker of an album and Westlife are their most successful act commercially. All the guys are up for it in principle. It's now just a matter of sorting out all the details."
However, Egan was quick to refute the rumours that he would be rejoining Brian MCFadden, Mark Feehily, Shane Filan and Nicky Byrne on stage once more.
He posted on his Twitter.com page, "Guys Im sorry to say but I don't know where these rumours are coming from about a Westlife reunion but it's untrue. Sorry."
Westlife formed in 1998 and MCFadden left the group in 2004. The four-piece disbanded in June 2012.