The bassist confirmed Damon Albarn's revelation last month that the band have been meeting up regularly and teased that their next encounter could result in some new songs.
James told NME: "We're getting together for a Christmas drink next week which is nice. We still see each other all the time, more since we were all living out of a suitcase. We'll probably record again."
However, the musician suggested that the group may not release a full album, but rather an EP of songs. He added: "Is there such a thing as an album? Does music have to come 12 tracks at a time?"
Asked about his views over Jeremy Clarkson's recent comments on The One Show, where the presenter said the pension protestors should be "shot", James described the Top Gear host as a "rock star".
He said: "I think he's really funny and says what he's thinking. I wish more bands would say the unsayable. He's sort of the best rock star we've got."
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Watch the music video for Blur's 'Coffee And TV' below: