The rocker, who now fronts Noel Gallagher's High Flying Birds, announced his decision to leave the band in 2009.
While Gallagher later claimed that he exited the group because of his tumultuous relationship with brother and bandmate Liam, he has since expressed regret over leaving Oasis behind.
"It was a hasty decision I've got to say, and we could maybe have all gone off and done other things for a few years," Noel explained during an interview with Absolute Radio.
"In my own head the 2015, 20-year anniversary of (What's The Story) Morning Glory is looming and we could have maybe come back, made a new album and played that album in its entirety and gone and been the greatest thing ever, but there you go."
Liam recently said he finds Noel's "lies" about Oasis's breakup heartbreaking.
Oasis bassist Andy Bell has also accused Noel of lying about the demise of the band.
Watch Oasis's video for 'Wonderwall' below: