Speaking at the Ivor Novello Awards, where he picked up the gong for Outstanding Contribution To Music, Ray, 61 – who was shot in the leg by a thief in New Orleans in January 2004 – revealed that any reunion would involve new material.

"There's got to be new music," he said. "We can't just play the old hits."

The news will thrill fans who thought Dave's illness – coupled with the siblings' love-hate relationship which caused them to come to blows on stage – would prevent any reconciliation.

Not only has Dave's condition improved greatly since he collapsed in a BBC lift in the summer of 2004 (he can now talk and play guitar) but maturity has also mellowed the pair, who have spent periods barely on speaking terms.

Having grown closer to his brother in recent years, Ray has been kept informed of his recuperation. At the awards ceremony, Ray, who paid tribute to The Kinks, spoke fondly of his younger brother, saying: "He really was a dedicated follower of fashion and he still is, hopefully."

Only too aware of how difficult it is to have two members of the same family competing for the spotlight, Ray expressed sympathy for Natalie, his daughter with The Pretenders singer Chrissie Hynde.

"She's very musical, she's in bands," he said of the 23-year-old who accompanied him to the ceremony, "but it's difficult for her, you know, having to follow in the footsteps of her dad."