The various Spices were recently spotted at Geri Horner's house, and in an interview with the BBC, Melanie Chisholm - aka Sporty Spice - said the women had been talking about "opportunities and ideas" but that there was "nothing set in stone".
The Spice Girls were expected to reunite in the past but Victoria pulled out, followed by Mel C.
The statement (shared with Entertainment Weekly) claims that the women "enjoyed a wonderful afternoon catching up and reminiscing about the incredible times", which was visible in the Instagram photos.
Still the biggest-selling girl group of all time, the Spice Girls reunited for a world tour in 2007.
All five members of the British girl band posted on their individual Instagram accounts photos from their reunion Friday, which immediately caught the attention of their fans.
The "girl power" group's hits include Wannabe, Spice Up Your Life, Do It, Stop, Too Much and 2 Become 1.
"Bunton promised the "future is looking spicy" in her post, while Horner said "#girlpower is alive and well", after reports surfaced of a potential meeting to discuss plans for a reunion. They split in 2000 and last reunited at the 2012 London Olympics.
They added, "We all agree that there are many exciting possibilities that will once again embrace the original essence of The Spice Girls while reinforcing our message of female empowerment for future generations".
After years of false starts and fans wondering if the comeback they so desperately desired would ever happen, the Spice Girls have finally confirmed what millions have been dreaming about: a reunion.
The five-piece met today at Geri Horner's (formerly Halliwell) Hertfordshire home, along with manager Simon Fuller, who is reportedly driving the reunion.
The Sun newspaper reported the quintet is considering several projects, including a TV talent show, though not a live tour.