The 35-year-old musician - who was once dubbed 'The Fat Dancer' by Noel Gallagher -is keen to take to the stage with his old bandmates - Gary Barlow, Jason Orange, Mark Owen and Howard Donald - but is worried he might not be as limber as he was in their heyday.
He said: "We're very much pals again. Yeah, I do fancy it. But I'm not sure about all the dancing though. I suppose I would have to do that.
"I'm excited about maybe doing something with the lads. I don't have to do it, but it would be fun."
Robbie - who left the group in 1995 - even has some ideas about the tracks he could perform with the band.
He joked: "I would love to rejoin Take That and perform East 17's 'Deep' with them. It's a classic track."
The 'Angels' star revealed his desire to take to the stage with Take That was fuelled when he watched a DVD of their recent 'Circus' tour with Gary.
He added to BBC Radio 1 DJ Chris Moyles: "How good is the Take That show? I was with Gary a couple of weeks ago and we watched the whole show together at mine. And I just thought it was one of the best shows I've ever seen.
"Gary came round with the DVD... well, it was on his computer. It was an absolutely amazing show and I loved it.
"Was it weird? Not really. But it made me want to be with them, to be in the band. I was watching it wondering how they will top it. How will I top it? Damn them!"
Robbie revealed he was keen to join Take That for 'Circus', but was worried about the way the public would view the decision.
He explained: "The perception has been that the lads have done really well - 'What's the other fella doing? I'll bet he's dying looking at these lot.'
"I thought I'd actually like to go and do something and the perception was such that it was like, 'Oh look he's had to get up with these now, now that 'Rudebox' has failed.'
"I thought I'd just wait off a little bit and get my album out and then I can go and play with my mates."
Robbie's new LP 'Reality Killed The Video Star' is out on November 9.