The group split up in 2005 when Charlie Simpson left to pursue a career with his band Fightstar.
However, The Sun claims that Willis is now trying to persuade him to return. The group's other member James Bourne has apparently already agreed to the reunion.
"Matt has been thinking about it for a while and has decided the time is right," a source said. "They are grown men now and have lost that cheesy element. Matt has been jamming a lot recently and plans to come back with a rockier, edgier sound."
In October, Willis wrote on Twitter that the band have "serious unfinished business".