The 'Waterloo Sunset' hitmaker admitted his brother and former bandmate Dave Davies - who he has a famously tense relationship with - isn't ''well'' enough to perform with him at the moment, but if they ever do get their band back together, the 73-year-old singer isn't interested in selling out huge stadiums.
Asked if the band will ever reunite, he told Uncut magazine: ''I don't know. Dave is still not very well. But it's a nice fantasy.
''Don't fancy playing The O2 though.
''If we got together again, we'd play a pub. No business sense at all!
''That's part of the charm of The Kinks - we were never seduced by luxury.''
And Ray admitted he's never been a nostalgic person.
He said: ''I don't have pictures on the wall, you have to take them down eventually.
''I once had a girlfriend, between marriages, she kept visiting me at the flat I had at the time.
''We didn't last long - afterwards, she sent me a little photograph with a note that read, 'Put this ony our wall so you have some company!'
''I didn't see the need to decorate the walls because I wasn't going to be there that long. I don't carry memories.''
Ray's comments come after Dave revealed last summer that he and his older brother are ''getting on'' these days.
He said: ''We're talking, getting on, and when I'm back in London I'm sure we'll meet up, go to the pub and talk about Arsenal. I'm sure music will be discussed. People ask what our plans are and I always say, 'Never say never'. So, never say never.''
Ray and Dave founded The Kinks in 1963 and split in 1996.
However, the brothers performed together for the first time in almost 20 years in 2015, when Ray joined Dave on stage in London for a performance of 'You Really Got Me'.
The band has had a number of different line-ups over the years but the siblings have featured in each one.
The Kinks' classic line-up featured Mick Avory on drums and the late Pete Quaife on bass.
Quaife was replaced by John Dalton in 1969 while Bob Henrit took over from Avory in 1984.
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