The High Flying Birds singer-songwriter believes there is a possibility that founding members Morrissey and Johnny Marr could reunite 25 years after their acrimonious split.
Gallagher is quoted by Contactmusic as saying: "The one everybody would like to see is The Smiths and they say it's not going to happen."
The former Oasis star referred to the Stone Roses, who made a surprise comeback in October, in support of his comments.
"But they said the Roses wouldn't happen and they said Led Zeppelin wouldn't happen," he added.
Both Morrissey and Marr have in the past strenuously refuted claims that The Smiths will return.
Listen to the Smiths B-side 'These Things Take Time' below: