It was rumoured back in April that the band were planning to reform for a series of shows starting in the autumn.
Ellis told NME: "I'd be very interested. If it happened, I'd definitely be very interested. But you've got to get the feedback from the audience before you book and find out if they suit our core audience.
"The Stone Roses suited that perfectly, but maybe The Smiths are not seen the same way by 18-25 year olds as the Roses, but we'd still love to put them on."
Speaking of next year's festival, he added: "We want to have the best Scottish bands that are around, it's something we're always looking to reflect. But we've got to look beyond Scotland, we sell tickets in England, we sell tickets everywhere, we need to have stand-out artists.
"I'm not saying we'd never have a Scottish headliner, we've had them in the past and we're already talking to some Scottish bands about playing next year."
Johnny Marr and Mike Joyce have both denied reports that The Smiths will reform.
Snow Patrol, Kasabian, Florence + the Machine, Nicki Minaj and Tinie Tempah will all play T In The Park 2012 this weekend.
Watch The Smiths' video for 'There Is a Light That Never Goes Out' below: