However, the comedian also told Digital Spy that there are no imminent plans for a comeback.
"I have no doubt we'll do something with Phoenix Nights or Max and Paddy in the future, but there's definitely no plans for it at the minute," McGuinness said.
Of the mixed critical response to Max and Paddy's Road to Nowhere in 2004, he added: "Phoenix Nights, believe it or not, hardly got any viewers.
"People bought the DVD, got into it more and from filming the first series to it being on telly was over 12 months, so it did take a while, but it was given the chance to get a second series."
He added: "With Max and Paddy, like anything else, you do it and it's like 'We can do some more of that', and they wanted more of it 'cos it got more viewing figures than Phoenix Nights.
"It's finding the time and it's letting them two characters bed in as well. So when you do one series and don't go back to it it's a tricky one. But I have no doubt if we did a couple of hour specials they'd go down a little treat."
In September, Kay unveiled plans for a Phoenix Nights movie and claimed that he had already completed the script.
Paddy McGuinness Saturday Night Live Tour 2011 is out on DVD now.
> Paddy McGuinness to host ITV1 Christmas TV quiz
Watch a clip of Max & Paddy's Road to Nowhere below: