The 43-year-old musician thinks his group's 1995 LP 'The Great Escape' has the right songs to become the basis of a stage production on as it represents a "snapshot" of the time when it was made.
He said: "I've done one English musical, 'The Great Escape' I've always thought that could be a great musical. We wrote that record as we were playing out the Britpop explosion with 'Parklife'. We were in the studio and every day I would go in and write about something that had happened in the papers. So it's a snapshot in time.
"Maybe at the time it was a little bit too arch in its observations because it was too close. But now with the distance it might be a good thing to stage as a period piece."
Damon - who along with his bandmates famously battled Oasis at the height of Britpop - is set to do further work on his opera 'Dr. Dee' and is looking forward to making changes.
Speaking about its recent run in Manchester, he said: "The first day after the run felt a bit empty, but I know it's there and I'm going to do a little bit more work on it, fine tune it here and there. People now know what to expect in a way, so it will be a more interesting run-up to it next year because it will be, 'Oh this is what it is' whereas before it was, 'What the f**k was that.' "