The Irish crooners, who parted ways with Simon Cowell's record company earlier this year, moved to RCA after they clashed creatively with Cowell.
Speaking to The Star, Byrne said that there is not a new Westlife album in the works right now.
"Right now no." he said. "Right now we are just looking forward to the Greatest Hits.
"We are out of contract at the moment which is a great position to be in because if this album does well we're looking to the future, like a footballer you are free to talk to anybody.
Byrne with his bandmates Kian Egan, Mark Feehily and Shane Filan
"At the moment I would guess Greatest Hits tour and then we might not come back with an album in the next year because it might feel too soon.
"I would say we'd probably look at what's on the table and then maybe discuss with a few other people, labels and see what's there and move forward."
However the Westlife star admitted that there is no hard feelings between the band and their former mentor Cowell.
"I texted him when the amicable departure happened and I said Simon I just want to thank you for the 13 years and I owe you an awful lot. Straight away he replied and said 'listen we're always here for you guys'."