Osbourne hinted last week that a reunion with the 'Iron Man' band was a strong possibility and Iommi has now revealed that he would be willing to work with the singer again.
"Who knows? It's like when we had [former lead singer] Ronnie James Dio with us, we broke up, got back together, did another album and tour. You can never tell," Iommi told Metro.
"We got back together with Ozzy in 1997 and toured so you never know what's around the corner!"
Iommi also said that he and Osbourne are good friends again after putting all their past legal and personal squabbles behind them.
"We've had our ups and downs in the past but it's been blown out of proportion to the point where, from the outside it looks really bitter, but we've never really fallen out," the guitarist said.
Osbourne and Black Sabbath have toured together several times since their initial reunion in 1997, but have yet to record a full length follow-up to 1978's Never Say Die!.
> Kelly Osbourne: 'Brother Jack helped Ozzy get clean'
Watch Black Sabbath perform 'Children of the Grave' below (mature content):