The 53-year-old musician is a close pal of bassist Gary 'Mani' Mounfield and while he believes his friend's reasons for returning were legitimately about the music, he is dubious as to why frontman Ian Brown and guitarist John Squire chose to put their acrimonious past behind them and get back together.
Speaking about the band, which also includes drummer Alan 'Reni' Wren, he explained: "I don't know the Roses that well apart from Mani who's a good mate. There'll be a financial consideration obviously, but I know from Mani's point of view that he's been mad to do it for years. He's actually really wanted to get back with his mates and he loved that band.
"But for Ian and John, I don't know, I really don't think there's too much love lost there. We live in that age though don't we? It's either bands reforming, bands playing their classic album or tribute bands."
Despite the Stone Roses reunion, Paul says he has no plans to reform his band The Jam.
He added to Shortlist magazine: "Hopefully I'll never be that skint."