The two Brits appeared to bring their rock rivalry to an end when they performed onstage together at a charity concert in 2013, sparking rumours the pair was working on a studio collaboration.
Gallagher later denied suggestions of a joint project, but Albarn has now revived fans' hopes by revealing the pair has discussed the possibility of joining forces.
He tells Britain's NME magazine, "I still see Noel from time to time. We text a bit. I can imagine that (making an album together) being a very distinct possibility at some point in the future. But as yet, we haven't really talked about it, although... Ok, we have a little bit. We're talking. It's not anything to get excited about yet. I mean he's finishing a new record. I've got my record out, but the principle of us making music together is something... you know, it would be fair to say we have at least discussed it once."