The 37-year-old artiste's remarks come a week after the group's former manager Louis Walsh claimed they would return to celebrate the 20th anniversary of its inception.
"People have offered us blank cheques to get back together but it's not about money. There are no plans to reform. The time isn't now. We all have a lot more that we want to achieve first. It feels way too soon to be honest," Feehily told the DailyStar.
"A 20th anniversary tour could still happen one day as 2019 is 20 years since we released our first single, while 2021 is 20 years since our first world tour. So you never know," he added.