Despite being happy to play with them in one-off live gigs, Osbourne, whose last Black Sabbath studio album was in 1978, refuses to return to the studio with his former bandmates.
The flamboyant frontman is terrified a new record would not match the standard of previous releases, including PARANOID and SABBATH BLOODY SABBATH.
He says, "I love the guys and we had fun and all became friendly again. But it's time to move on.
"I don't want to make another Sabbath album, not if it's not up to scratch. I could put any old b**locks out and it would probably sell.
"But what's the point in demolishing such a great thing?"