The 'Inhaler' hitmaker admitted he and Arctic Monkeys frontman Alex Turner may even produce a record from their side project- whose 2008 LP 'the Age of the Understatement' was released to widespread critical acclaim - later this year.
He said: "That will be when the time is right. We will both know together.
"We are both enjoying our things but we are still working together which is great. We are both enjoying our paths and when the time is right we'll go and do that again.
"Maybe the end of this year. Maybe next year."
Miles - who was a member of The Rascals when he and Alex formed The Last Shadow Puppets - also admitted the pair didn't "expect" to produce an album when they first started writing together.
He told Noise11.com: "We didn't even expect to make a record. We were just these two young guys who had written these songs and went to France for two weeks to record and see what would happen. In two weeks we recorded 11 songs. We had a great connection, me and Alex. It is a great partnership."