Kerryn Phelps, who won the Sydney seat of Wentworth when former prime minister Malcolm Turnbull resigned in 2018, said having a party structure would allow teal independents to share resources and work together on policies but suggested the move could also alienate some supporters.
Multiple independent MPs have left the door open to creating a more formal political alliance - whether that be a party or a more closely aligned grouping - with Mr Turnbull reported to be involved in bringing them together.
Asked about the speculation, Professor Phelps said while some voters wanted independent MPs to remain independent, the political impact of creating a new party would largely depend on its structure.
"A lot depends ... whether MPs would retain the ability to represent their constituents rather than the party," she told AAP.
"I would think at the very least, candidates and party members would have to sign on to aligned values and a set of rules.
"When I stood as an independent in Wentworth, it was the first of these community-based urban independent campaigns that were later labelled as teals.Â
"I did not want to be constrained by having to vote for policies I did not agree with or did not think my electorate would support, or leadership disputes or factional dynamics.
"I haven't yet seen a party model that avoids those concerns."
To avoid some of those issues, independents could set up a grouping which was a party in name but an alliance in practice, pooling resources but voting independently, Prof Phelps said.
The former MP is best known for spearheading "medevac" legislation, which allowed 135 asylum seekers to temporarily leave offshore detention and travel to Australia for medical treatment.
The passage of the bill in 2018 was the first time a government had been defeated on the floor of the House of Representatives in decades, but the legislation was repealed in late 2019.
Prof Phelps lost her seat at the 2019 election, having served less than a year as an MP.
But in 2022, seven independents swept into parliament under the teal banner.
Sydney MPs Allegra Spender and Zali Steggall are among those who've left the door open to creating a more formal party arrangement, but others are sceptical of the idea.
"I'm certainly open to having the conversations, because I think this is the moment that we need to consider what sort of political system is going to best meet the needs of what Australians ask for," Ms Spender said.
Kooyong MP Monique Ryan and Curtin MP Kate Chaney both said they would remain as community independents, as did regional Victorian MP Helen Haines.
Opposition Leader Angus Taylor said the teals had acted like a political party for years and downplayed speculation moderate Liberals might join them.
