Downing Street said it would find a way to reward the players after they lost 0-1 in the final to Spain in Australia yesterday.
A spokesperson said the government would be looking at how to celebrate "properly when the time is right and in a way that the team would like".
Last year, Boris Johnson was criticised for failing to hold a reception for the team in No 10 after their win in the European Championship.
Asked about honours for the team, No 10 said they would find "an appropriate way of marking the incredible performance of the entire squad".
Keir Starmer, the Labour leader, was more forthright in calling for the whole team to get honours.
"The Lionesses have galvanised the whole nation through their historic achievement in becoming the first England team to make the World Cup final," he said.
"But they've also inspired a generation of women and girls to play football, take up sport, and to remove any doubt in their minds that they too can go all the way in their chosen field. There's no doubt that they should be recognised by the honours system."
Sarina Wiegman, the Dutch coach of the Lionesses, was made an honorary CBE in the new year's honours list, while then captain Leah Williamson was made an OBE and teammates Lucy Bronze, Beth Mead and Ellen White were made MBES. Williamson and Mead are currently out injured, while White has retired.
Before the final, there had been speculation that Wiegman could get an honorary damehood if the team were to win, with big honours for captain Millie Bright, goalkeeper Mary Earps, and other star players. However, sources said there was likely to be recognition of some kind for the players in the next honours list.
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