The invention relates to a process for preparing a foamed thermoplastic elastomeric article,comprising the following steps: heating a mixture comprising a thermoplastic elastomer selected from the group comprising styrene based thermoplastic elastomers and thermoplastic polyolefin elastomers, and an effective amount of a water releasing chemical compound, to a temperature at which the water releasing chemical compound releases water, which is above the melting point of the thermoplastic elastomer, and releasing the resulting heated mixture to atmospheric conditions. The invention also relates to a foamable polymeric composition as well as to a foamed thermoplastic elastomeric article.