The S Club star admitted a recent festival appearance at London's Mighty Hoopla has inspired her to consider launching a solo return, after she received a "brilliant reception" from the crowd.
She said on 'The One Show': "I just did a festival, Hoopla, a couple of weeks ago".
"It was the first time I've been back on stage doing my own stuff".
"It just felt amazing, and I had such a brilliant reception".
"It was incredible. I love performing so much, so it's given me that buzz again to get back up there potentially".
"Who knows? Things are changing all the time".
The 46-year-old singer reunited with her S Club bandmates last year, including a show at London's O2 Arena in front of 20,000 people, which came just months after fellow band member Paul Cattermole was found dead aged 46.
Speaking about the band's comeback in February, Rachel told Express.co.uk: "That was a really special thing to be able to do. It was a mix of emotions, really - a real mix of emotions".
"It does feel like we all - I think we all would say the same - we all just fit back together again".
"We've got so much history and all this sort of banter and fun and just doing it a different stage of our life".
Rachel admitted the group - also made up of Tina Barrett, Jon Lee, Bradley McIntosh, and Jo O'Meara, after Hannah Spearritt quit the reunion tour following Paul's death - are "looking to carry on".
She said: "We are potentially working on new music".
Queen has reportedly agreed a £1 billion deal to sell its music catalogue to Sony Music.
The 'Bohemian Rhapsody' band - which still includes founding members Sir Brian May and Roger Taylor - has been in talks with for years about a sale for their enviable catalogue of songs and albums, and now it's believed a deal is imminent.
As reported by Variety, the music catalogue and other rights is "in the process of being acquired" by Sony for the huge sum.
It's thought the deal will close over the next few weeks, while Hits reports that the only revenue not included in the agreement is those earned by live performances.
Since Freddie Mercury's death aged 45 in 1991, John Deacon has stepped back from the limelight, while Brian and Roger still tour with singer Adam Lambert.
Queen's recorded music rights in the US and Canada were bought by Disney for an undisclosed price in the 2000s following an initial $10 million licensing deal reached in 1991.
The House of Mouse will keep hold of those rights in perpetuity, although for certain bandmembers, the remaining royalties from those will go to Sony when the deal is finalised.
The group's distribution deal with Universal will move to Sony in all territories outside the US and Canada, but not until that agreement expires in 2026 or 2027.
Earlier this year, it was suggested that Deacon - who has not taken part in any public work for the group since the Freddie Mercury Tribute Concert in 1992, following the frontman's death the previous year - will not include his share of the assets in a potential deal.
Classic tracks in the catalogue include the likes of 'Radio Gaga', 'We Are The Champions', 'We Will Rock You', 'Another One Bites The Dust', 'Crazy Little Thing Called Love' and 'Somebody To Love', while the group released 15 studio albums, including 1995's final LP 'Made In Heaven', which features recordings Mercury made before his death.
An agreement comes as a number of high-profile songwriting catalogues have been sold in recent years, with the likes of Bruce Springsteen, Neil Young, Bob Dylan and David Bowie'scollections being acquired for hundreds of millions of dollars.
They have proven to be an attractive investment for labels, with the prospect of repeated royalties through usage in films and TV, as well as radio play or adverts