Alan McGee signed the Mancunian band to his Creation Records label after spotting them by chance at a gig in Glasgow in 1993.
Oasis, fronted by brothers Liam and Noel Gallagher, sold more than 70 million records worldwide before splitting acrimoniously in 2009.
There have been persistent rumours ever since that the group will eventually reform.
But McGee, speaking at a special screening of the Oasis documentary Supersonic at Govanhill Baths, remains unconvinced.
“I don’t think they’ll get back together,” he said. “Not with Noel, anyway. He’s my pal, I know how he thinks, and he doesn’t need it.
“The two of them don’t get on. It’s not an act.
“I think it will get to a stage when Liam takes them back on the road, maybe in 10 years or something. There is a massive fan base of younger people who never had the chance to see them live.”
McGee was speaking at the event to help raise money for Govanhill Baths, an Edwardian leisure complex in the southside of Glasgow that was controversially closed by the local authority in 2001.
It was subsequently occupied by members of the local community to prevent it being sold off or demolished.
Work is now underway to restore part of the building as a swimming pool and gym, along with performing arts space.
“I was born in Govanhill, just around the corner from here,” said McGee. “We all used to swim here as kids.”
The music mogul, who helped launch the careers of celebrated Scottish bands like Primal Scream and Teenage Fanclub, wound up his Creation label in 2000 but continues to be involved in management.
He described the height of Oasis’ success as a “crazy, crazy time”, adding that he and the band had stalkers and also received death threats.