The 'We Will Rock You' band's singer died in 1991 but left behind a number of vocal takes - some of which were used for 1995 album 'Made in Heaven' - which guitarist Brian May is keen to use for another album, including a collaboration with the late Michael Jackson.
Brian told iHeart Radio: ''We thought we'd exhausted everything that was around and could be worked on, but since then a number of things have come to light from various sources that we'd just plain forgotten about, including the stuff with Freddie and Michael Jackson.''
Following Freddie's death, bass player John Deacon retired, but Brian and drummer Roger Taylor have kept the group's name alive, continuing with vocalist Paul Rodgers under the name Queen + Paul Rodgers and also performing concerts with Adam Lambert as vocalist.
However, Brian has previously said the band's original singer is always on his mind and he hopes to carry on his ''wonderful'' legacy.
He said: ''As well as being the perfect frontman, he was the perfect catalyst to channel the band to the audience.
''He's always very much in my mind and I feel very proud and I'm proud of what we did together.
''I grieved a lot and it does strange things to you because it's like losing a family member, but I'm very joyful about what he created.''
The actor says he isn't "holding out for more money or doing anything like that".
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