Singer Trey Anastasio has confirmed reports he approached the former Genesis frontman with the idea of performing the prog-rock album two years ago (11), but nothing came of their discussions.
Gabriel has since made it clear he wasn't completely opposed to the idea of a one-off tribute show with Phish and now superfan Anastasio is keen to make the concept concert happen.
He tells Rolling Stone magazine, "I'm such a big fan of Peter Gabriel, I can't even begin to tell you. I've been one my whole lifetime, so just hearing his voice on the phone was kind of exciting. If he wanted to (do this) with us, I would do it... That album had a huge effect on me, and (Phish drummer) Jon Fishman as well.
"I spent most of my high school years in a dark closet with headphones on listening to The Lamb Lies Down on Broadway."
Phish perform another group's classic album over Halloween annually and the band has yet to decide what to perform at Atlantic City's Boardwalk Hall this year.
Anastasio admits he'd love to play The Lamb Lies Down on Broadway: "That would be great. I can play that album in my sleep, but we'll only do it if (Gabriel) does it with us. Peter Gabriel, if you want to do The Lamb Lies Down on Broadway with us this Halloween, we're your band."
If the Sledgehammer hitmaker agrees to the concept show, it will mark his first performance of Genesis songs onstage in 30 years.
He briefly considered a reunion tour with his former bandmates in 2005 but reportedly backed out of the project due to scheduling conflicts and commitments.