Stewart recently revealed he has been in talks with Wood to hit the stage together once the guitarist's commitments with the Rolling Stones come to an end, claiming they were "earmarking 2015".
However, it appears the two British superstars have yet to discuss the get-together with surviving bandmates MCLagan and drummer Kenney Jones, as they are in the process of organising a reunion for the group which spawned Faces.
Asked about Stewart's comments during an interview with Uncut magazine, MCLagan says, "Why would we f**k around with the Faces when we've got bigger fish to fry?
"It's interesting that Rod announces these things without talking to me or Kenney... (Stewart will) have to wait until 2016 because 2015 is the Small Faces' year."
MCLagan, Jones and late bassist Ronnie Lane were originally members of Small Faces, but the group split in 1969 following the exit of frontman Steve Marriott. The trio recruited Stewart and Wood, who had both been playing with The Jeff Beck Group, to join the line-up and rebranded themselves Faces.
Stewart served as their frontman from 1969 until 1975, and rejoined Wood, MCLagan and Jones at the Brit Awards in London in 1993, but he was subsequently replaced by former Simply Red star Mick Hucknall for comeback shows in 2010 and 2011.