"We're hoping to get together later this year to play and then we may have some news, but I want it to happen, badly," he told BBC 6 Music.
McLagan said Stewart was the only member uncertain about reforming.
He doesn't need the money?
"Rod hasn't wanted to do it for a long time. He didn't see the need in it but I think he really wants to now. It's going to be great if it does happen," McLagan added.
The original Faces lineup comprised Stewart, Wood, Ian McLagan, Kenney Jones and the late Ronnie Lane.
They formed in 1969 and released four studio albums between 1970 and 1973.