The band, which also features the guitarist's Guns N' Roses sidekicks Matt Sorum and Duff MCKagan, has been on hiatus ever since Slash fired singer Weiland in 2009, but he reveals there is always a lot going on behind the scenes that fans aren't aware of.
He tells Radio.com, "It's been very active under the radar. Nothing has happened with it as far as getting a new singer, so there's nothing to talk about. But there is activity going on, and there's people that we've been checking out.
"At some point the right guy's gonna walk in the door, and at that point, then we'll look into making another Velvet record."
Weiland recently expressed an interest in rejoining the band, but it seems Slash has moved on and is determined to find a new frontman: "We started working with Scott for that period and we made some cool music, but it was just a really, really hard thing to keep together, that exact line-up."