The former Metallica man revealed on his website that he has had two "high-level" meetings with Activision.
"I have recently had two very important high-level meetings with the people from Activision and Neversoft, and we are talking about a lot of things.
"But a Guitar Hero box set is not as attractive to me and the people from Guitar Hero as the new idea that they offered me, as the creative stuff that we are talking about is over-the-moon!"
However, he also stated that legal difficulties may scupper any plans for a deal to be sorted out.
"I just hope that someone doesn't stand in the way of this happening. I know that there are a lot of really damaging results from our mothership (Warner) having some legal disputes with YouTube and Guitar Hero to name just a few."
Last year saw the release of a Metallica-themed Guitar Hero edition.