Mel C and Mel B are behind putting out 60 tracks that have been recorded over the last 15 years.
They both believe there are at least four surefire number one singles among the list of tracks.
But the remaining three members - Victoria Beckham, Emma Bunton and Geri Halliwell - are against the idea, reports the Mirror.
Beckham, known as Posh Spice, wants to now concentrate on her fashion career while Bunton - Baby Spice - and Halliwell - Ginger Spice - have taken their former manager's Simon Fuller's stance and agreed that it's not the right time.
And according to sources, the plans have caused friction between the five girls, and one insider said: 'From a possible 60 tracks, three or four would be guaranteed No1s and there's definitely a solid album's worth from the songs.'
And the source added that even though the album would make millions, it's not about the money for the two Mels.
The source added: 'Both Melanies want to open up the band to a new generation of fans and keep the memory of the Spice Girls alive.
'They also believe it's sound commercial sense to keep options open for new work down the line.
'But Victoria has a hugely successful career as a designer and is pregnant. She’d rather distance herself from the group to concentrate on that. She’s not keen to revisit the Spice Girls days.
'Also, if Simon Fuller doesn’t feel the timing is right, Emma and Geri don’t want to go against him. But it is safe to say this divide is causing friction within the group.'
During the Spice Girls' six-year reign of the pop charts, they had nine number one singles and two number one albums.
The back catalogue’s release would tie in with the Spice Girl musical Viva Forever, which is backed by all five girls and is due to open in London in 2012.
There is also speculation that if the musical is a success, the girls, who are worth a combined £92million, will plays a one-off gig at next year’s Olympics.
“Stories in UK papers today about a Spice Girls album are complete nonsense. Bore off (sic)!!” she wrote.