The musician insists that the only reason the iconic British band will not reunite is because Noel Gallagher is against the idea.
"I'm sure Liam would do it in a shot tomorrow," Bonehead told NME. "But you've got to listen to what Noel says. He's not up for it, why does he need to? He's flying around the world, isn't he?
"He's doing well, so why would he need to? Like he said the other day - 'Biggest band in the world? Been there, done that'. He doesn't need the money, so I can't see it."
Bonehead - real name Paul Arthurs - was a founding member of Oasis and played rhythm guitar with the act until 1999.
He has since toured with his band Parlour Flames, who are currently recording a new album.
Watch the music video for Oasis's 'Wonderwall' below: