Together with Keith Levene and Jim Walker, the bassist and Lydon were the founding members of the post-punk group. The current version of PiL features Lydon together with Lu Edmonds, Bruce Smith and Scott Firth.
Asked about the band's comeback, Wobble told Metro: "John did call but reformation is a risky thing for me; I'm definitely a bloke who needs to go forward.
"With a lot of reunions, people have very expensive lifestyles, kids in private school and they've got to get the money."
He added: "The way I play pushes things to the edge - musically, it's like watching the Russian State Circus perform.
"You think, 'That bloke's going to fall' and it's very exciting - you're falling for the right reasons, not because you're lazy."