Her remarks, released for publication on Saturday, chimed with similar comments from French President Emmanuel Macron and German Finance Minister Wolfgang Schaeuble, who have said the door to the EU remains open to Britain so long as exit negotiations are not concluded, Reuters reported.
"I think it would be great if they were to reverse the Brexit decision," Zypries said in an interview. "However, this scenario appears relatively unrealistic to me."
Zypries said both sides should now go ahead as planned with the negotiations on Britain's departure from the bloc, adding: "This won't be easy, but a compromise is possible."
Zypries said she regretted Britain's decision to leave the EU and pointed to ministry studies that showed Brexit was likely to cause more damage to the British economy than to the German economy, Europe's largest.
Britain's Brexit minister David Davis and the EU's chief negotiator Michel Barnier are due to start negotiations over Britain's departure from the bloc on Monday.