A source told the magazine, "They have a couple of new songs and one in particular is fantastic,

"It's hard to get something as pop-laden as their first hit, 'Wannabe,' but one of the new songs is heading that way and it has far more funk in it than the ballads before the band split."

You may recall that back in March, Melanie C. (formerly Sporty Spice) told People there was no way a reunion was going to happen with or without her. She eventually came around and was the last one to sign on to the new project, the source claims.

We guess she saw the profit income of her solo career and judged it against that for a new Spice Girls tour and album and Voila!

Sources tell PEOPLE that the super girl band's creator, Simon Fuller (now of American Idol fame) returned to London from Los Angeles early last week and is expected to put out a press release in the near future.

BY EMMIS RODRIGUEZ