The group split in 2009 after brothers Noel and Liam Gallagher fell out backstage at a festival and they have been estranged ever since.
Liam went on to form Beady Eye with Bell and fellow Oasis star Gem Archer, while Noel went solo with his High Flying Birds.
Rumours of a reunion reared up again recently when Liam Gallagher told Britain's NME that he would like to "bury the hatchet" with his brother and regroup to mark the 20th anniversary of the band's debut album, but Bell warns fans not to get their hopes up.
He tells FasterLouder.com, "I've got no problem doing it at all. If the Oasis thing came up, I'd be there like a shot, but it's something that relies on Noel and Liam. I don't know if it's likely to happen in this millennium really... I kind of put it in the same category as things I would like to happen."