The iconic duo have not completed an album since 'Bridge Over Troubled Water' - which was released shortly before they split in 1970 - and Paul says there's not much chance they will work together again because he doesn't like to revisit the past.
He told BBC Radio 4's 'Today' show: ''There are a couple of issues. One, Art has some problem with his vocal chords and he can't sing in his mid range.
''So it's really a moot point unless he can sing. From my own perspective, I would just as soon not go back and visit the past.
''I feel the same way about Graceland. I'm happy to celebrate this 25th anniversary and we're going to play a few concerts but I'd just as soon be quietly making new music.''
However, Art has previously said he would like to work with Paul again but admitted there were problems between them.
He revealed: ''You'll have to ask him, it takes two to tango.
''I like to tango, so count me in. You'll just have to bring a psychiatrist in as the third member.''