McGee famously quit the music industry after winding down his last label, Poptones, in 2007.
According to his Huffington Post blog, McGee has been approached by Japanese investors who look set to offer him an unspecified A&R job.
"I am going to meet some people in Japan who want to bring me back into music," he said. "If I'm honest, I am torn on this but at the same I feel it's almost a public duty to cause chaos in the world of Simon Cowell and co.
"On the flip side, though I do love life in Wales doing my book/film/paintings but with the musical idea now looking likely, then I think why not go and take the meeting and sign up some big bands without deals and the new things out there that I love?
"The upside also is whilst there in Japan, I will see Noel (Gallagher) play the Budokan and Primal Scream play to 40,000 people at a festival. Plus, they say I can sign who I want and they seem to have the cash so in my book it's worth a little look at least."
McGee made his name signing acts including Primal Scream, The Jesus And Mary Chain, Teenage Fanclub and My Bloody Valentine.
He also reveals in his blog that he is currently working on a film project called Kubricks.
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