Rolling Stones guitarist Ronnie Wood is delaying a possible reunion of his former band the Faces because he wants more money, it's been claimed.

Faces frontman Rod Stewart is said to be keen to reform the group, who last toured in 1975, for a string of live dates and new album.

But Wood, who received a reported £10million from the recent Rolling Stones Bigger Bang tour, is apparently keen to receive assurances that a reunion would create a large sum of money.

“Ronnie feels the money isn’t up to scratch,” a source told the Sun newspaper. “He has told Rod to up his current offer. But despite the haggling, there are no hard feelings and they hope to reach agreement soon.”

The reports follow yesterday's claim that Wood is currently spending £10,000 week on antiques and Ekaterina Ivanova, a Russian waitress who says she is his girlfriend.