Labour councillors refused to give their full backing to Mr Slow, Cllr Andrew Montague, signalling the end of the 30kph limit in central Dublin.
But motorists are stuck with the controversial new 30kph speed limit for at least a month.
Labour councillors were unable to agree on a joint strategy but at a meeting last night appointed two councillors to work on a motion in response to criticism of the limit.
Speaking to the Herald, Cllr Dermot Lacey said: "There really isn't a lot to say at this point. We are still working on it."
He's in favour of a 40km limit.
The Labour party has now appointed Cllr Lacey and Cllr Andrew Montague, who championed the extension of the new lower limit, to work on a motion to be submitted at the next full Dublin City Council meeting on March 1 next.
Not much has been heard from Mr Slow, Cllr Montague since a public backlash, prompted when Herald readers urged the voice of Dublin to champion a change in the limit.
Cllr Montague is a committed cyclist and promised green lights to drivers who obeyed the new limit - but that never happened.
The Labour u-turn comes after leader Eamonn Gilmore said he was against the slow speed.
"A strong case was made for safety issues and a strong case was put forward in regards to other issues as well," said Cllr Lacey.
"There are a number of ideas up in the air and based on these, Andrew and I will arrange to meet at some stage this week to form a strategy."
Cllr Lacey confirmed that the present speed restrictions will remain in place until March, explaining: "There isn't a city council meeting until then."
"I genuinely feel confident that an agreement can be reached because the main thing is that people are really listening to each other," he said.
But Cllr Lacey said he was not in favour of reinstating the old 50kph speed limits in some areas, such as Temple Bar.
"It would be a pity to throw the baby out with the bath water. I've never said I'm in favour of a total reversal but the Quays are wide so I think it can't work there.
"I drove on the Quays after the meeting and I just thought the speed limit is unworkable. To have that speed limit operating in the evening time when the Quays are empty is mad."