The star has been embroiled in a feud with singer Liam Gallagher since 2009, when tensions between the siblings resulted in the split of the Wonderwall hitmakers.
The brothers have continued to exchange barbs in the press and now it has emerged that Noel has reportedly rejected a muti-million dollar offer to reunite with his former bandmates next year (14) to mark 20 years since Oasis released their debut album, Definitely Maybe in 1994.
A source tells Britain's Sunday Mirror newspaper, "There were hopes he would do it but frankly, he just doesn't want to. The Oasis reunion is well and truly off. He has refused all offers, it got to £20 million but even the lure of money like that just didn't work.
"Liam is very keen to get back together, if only for the money, but Noel is having none of it. There have been several intermediaries from their respective camps working very hard indeed to reach some form of agreement but Noel isn't budging and a working solution between the brothers simply can't be found.
"It's a real shame and Noel knows how much his fans would love to see the band reform, but he doesn't want to commit to the time, he is quite happy as he is."
Noel, who has since formed his own solo act, Noel Gallagher's High Flying Birds, recently dismissed reports an Oasis reunion was on the cards, insisting his former bandmates wouldn't be able to accept a comeback offer without him, stating, "It's not going to happen, unless they are doing it without me. But without me, it would be rubbish."