Australian rockers Midnight Oil have been offered a big money deal to reform for a series of shows in America.

Frontman Peter Garrett, who quit the group in the late 1990s to focus on a political career, recently announced he is retiring from government duties and won't run again in the next election.

The news raised fans' hopes of a Midnight Oil reunion as Garrett recently revealed a comeback is "not out of the question", and the band's manager, Gary Morris, has now revealed an offer has been tabled for a series of shows in the U.S.

He tells Australia's Herald Sun, "(The band's U.S. agent Mitch Rose) said there were 50 festivals in America (that would suit Midnight Oil) where the band could earn between $75,000 and $200,000 per date."

However, Morris fears the rockers may snub the American show offer, adding, "Knowing where everyone's heads are at, I can't see it happening. I can only speak for (sic) my point of view... I've spoken to Pete and he's happy to have time to spend with (wife) Doris and his daughters and catch up on a bit of sleep. From what he said to me I think he will take two years out."

The band officially parted ways in 2002, but reformed for a handful of benefit shows in 2009.