Parfitt says, "It's been mentioned and I'd like to think it would be popular. I'd like Ben Elton to write it."
He jokes, "We'd open it at Butlins holiday camp (where the duo met) and end it with me dying on stage.
"If I'm going to have a heart attack, then there's no better place to do it."
Elton wrote the script for hit London musical WE WILL ROCK YOU, which features the songs of Queen.