The 61-year-old guitarist reportedly won't agree to a comeback with the group, which was set for next year, following a disagreement over payment with singer Rod Stewart.
A source said: "Ronnie and Rod hope to reach an agreement."
The Faces were formed of members from two bands, the Small Faces and the Jeff Beck group, in 1969 and included keyboard player Ian McLagan, Kenney Jones on drums and Ronnie Lane - who passed away in 1997- on bass alongside Rod and Ronnie.
The group split in 1975 and Rod went on to enjoy an incredibly successful solo career.
However, insiders close to the Faces claim the other returning band members are upset with Ronnie's insistence on bringing his new 20-year-old girlfriend Ekaterina Ivanova on tour.
A source said: "Ronnie seems head over heels with this young girl. He's told the Faces boys she's coming with him. But they're not happy."
"They want Ronnie to dedicate 100 per cent. He already has trouble with alcohol. He doesn't need the added distraction of a girlfriend."
Ronnie's estranged wife Jo, 53 was yesterday reported to be worried Ronnie is frittering away his fortune, spending $20,000 a week "to spite her," in a prelude to divorce.
The couple's relationship is seemingly heading towards meltdown because of Ronnie's continued affair with Ekaterina. Ronnie and Jo fueled rumors after they met separately with solicitors last week.
