The singer-and-presenter - whose music career has floundered since the group split up in 2005 - says he has "unfinished business" with his former bandmates.
While he will happily work with James Bourne again, he is unsure about a reunion with singer Charlie Simpson.
Matt posted on his Twitter page: "Right! Busted! In answer to when are we getting back together... I honestly don't know! But I like to think we have serious unfinished business.
"Charlie was not fun to be in a band with towards the end. I'm not sure I'd want to be in a band again with him! I still think Charlie is a cool guy but he made things a bit miserable."
However, one reason why Matt may claim he doesn't want to reunite with Charlie is that the Fightstar frontman is content with his career in the rock band he left Busted to concentrate on.
A source said: "The guys have been offered loads of money to get back together several times in the past. Matt and James are up for it - their projects since the band haven't quite worked out as well as they'd hoped - but Charlie's doing fine with Fightstar and doesn't see any reason to go back to the past."
If Matt's reunion plans don't work, the singer - who has four-month-old daughter Isabelle with wife Emma Willis - already has an alternative career path in mind.
He wrote on Twitter: "Cornwall is the most amazing place in the UK man! One day I will move down here and open up a motorbike custom shop! I have a dream!"
Busted released their first single in 2002 and went on to have eight UK top three singles, including four numbers ones.
They released two albums - both of which charted at number two in the UK - before going their separate ways four years ago.