The pair were so desperate to reform their group - which split in 2005 after five years together - that after singer Charlie Simpson refused to take part, they discussed bringing in more band members instead.
Matt revealed: "Charlie wouldn't do it so it would only be the two of us. And I think that would be worse than the band we were.
"We actually thought about getting someone new in, or even two new members to give the band a new lease of life. Or maybe we could just be a duo."
Matt also admitted he and James penned over half of a potential comeback album for the 'What I Go To School For' group, and is still hopeful it will one day be released.
He explained: "We even sat down and wrote seven or eight songs for what would be the new Busted record and they're brilliant.
"We're still thinking of doing something but now isn't the right time."