The 68-year-old singer wants to reunite with the group which helped catapult him into the spotlight and is in talks with guitarist Ronnie, 66.
Rod has been quoted in The Sun newspaper, saying: ''I think we have got much more of a chance of getting the Faces back together, in fact, Ronnie's office is talking to my people, and we're earmarking 2015.''
The Faces - which initially comprised of former Small Faces members Ian McLagan, Ronnie Lane and Kenney Jones with The Jeff Beck Group's Rod and Ronnie - formed in 1969 and released four studio albums.
The band - whose return has been rumoured since the early 90s - reformed in 2009 for a one-off charity show with guest vocalists replacing the absent Rod.
In 2010 it was announced that the Faces had officially reformed with Simply Red star Mick Hucknall taking on vocals, and Glen Matlock of the Sex Pistols on bass.
The band played festival dates in both 2010 and 2011, with dates in the UK, Belgium, The Netherlands and Japan.
Ono is to receive a credit for co-writing 'Imagine', 46 years after it was released.
Famous rocker Steve Earle has calls Noel Gallagher ''the most overrated songwriter ever'' and praised Damon Albarn.
Glastonbury organiser Emily Eavis says the headline acts, which this year include Ed Sheeran, Foo Fighters and Radiohead, help the iconic festival to...