Liam and Noel Gallagher
Liam Gallagher (L) of Oasis holds up his award for Best Album of 30 years at the 30th Brit Awards ceremony at Earl's Court in London February 16, 2010. Noel Gallagher stands for a portrait in New York November 6, 2006. Suzanne Plunkett, Keith Bedford/Reuters

Legendary Britpop band Oasis may be on the verge of reforming, as feuding brothers Noel and Liam Gallagher have reached a "gentleman's agreement" reports in the Mirror.

The band had an acrimonious split in 2009, when older brother Noel walked out following a series of rows with frontman Liam, saying "I simply could not go on working with Liam a day longer."

According to the Mirror, the brothers, who formed the band in Manchester in 1991 and went on to sell some 70 million records, have taken tentative steps towards a reunion next year.

The brothers appeared to have patched-up some of their differences last month, after Liam, 42, tweeted a picture of himself holding an Access All Areas pass to one of Noel's solo gigs captioned: "Keeping it in the family."

A "well-placed source" told the Mirror that negotiations were still underway, but the duo were willing to discuss a reunion.

"It's early days in terms of the details, but Noel and Liam are back on good terms and ready to give things another go. Nothing is signed but it's what you might call a gentlemen's agreement between them," the source said.

"Ultimately they're family and whatever has gone on before can be sorted out – they're very close beneath all the bluster."

According to the source, part of Liam's motivation may be the failure of his most recent band, Beady Eye, to match the success he found with Oasis.

In the shadow of Noel

"Noel's solo career has been a huge success with number one records and sold-out arena tours, but Liam hasn't been able to match that with Beady Eye," they said.

"He is ready to try and put their differences behind them in order to get back on stage together with the band now that Beady Eye have split up.

"Obviously it would be massively lucrative for them both too, and the demand for tickets would be enormous."

Noel, 47, has previously admitted that the band would only consider reforming "for the money."

No charity here

In an interview with Rolling Stone in January this year, he said: "If I was ever going to do it, it would only be for the money. This isn't me putting it out there, by the way.

"Would I do it for charity? No way. We're not that kind of people.

"For Glastonbury? I don't think [organiser] Michael Eavis has got enough money. But would we get back together one day? As long as everybody is still alive and still has their hair, it's always a possibility. But only for the money."

Representatives for both brothers declined to comment on the Mirror's report, so for now it remains to be seen whether the brothers will Roll With It, or whether they'll decide to Look Back in Anger.