The ex-Oasis frontman, who turned 50 yesterday, had previously tweeted suggesting a potential collaboration between the pair.
“Super group incoming LG JS,” The singer tweeted in June, after he brought Squire out on stage at his Knebworth shows to perform “Champagne Supernova”.
But now Gallagher has confirmed that a “supergroup” of some kind is definitely in the works.
Asked about the potential collaboration by Matt Wilkinson on Apple Music 1, he said: “Yeah. Serious, man.
“But we’ve got things to do first, and he’s got things to clear up and that. But yeah, I’m definitely going to do summat at some point.”
“So you’ve actually had the conversation a little bit?” Wilkinson questioned, with Gallagher responding: “Maybe, yeah. Probably did that at Knebworth and that, I think, if I can remember anything about it.
“But, no. There’s talk about summat. Maybe. But no rush. He’s my man, I love him. So if he’s got any tunes that need singing, I’m the boy, mate.”
Gallagher recently joined the star-studded line-up at the Taylor Hawkins tribute concert for Foo Fighters late drummer at London’s Wembley Stadium earlier this month.
The Oasis frontman opened the event with a rendition of his band’s hit “Rock ‘n’ Roll Star”, while Grohl played the drums.
Balloons bounced around the crowd as Gallagher immediately followed with “Live Forever”.