The band MCKagan formed with Slash and Matt Sorum has been largely inactive since the trio fired Weiland in 2008, but he had fans hoping for a reunion recently when he joked about joining the "cattle call" for a new frontman.
However, bassist MCKagan tells Vh1 Radio Network there are no plans to revive his old band.
He explains, "That band was so good and really started with all the right intentions and we wrote a lot of material near the end of that band. We kind of got really free musically and so we've got all this material and it's a really talented band.
"When it's the right time to happen again, it'll happen. I'm not aware that we're auditioning right now and I think I would be aware."
But MCKagan is sure that Weiland will not be returning to front the group, adding, "That played itself out. That was a chapter in life, you know, not a defining moment, just a chapter, and I wish that guy the best of luck and I hope he's Ok."
Velvet Revolver reunited with Weiland briefly for a set at a tribute concert for late songwriter John O'Brien in early 2012.