The best friends shot to fame when they co-wrote and starred in Good Will Hunting together, but after Damon's career rocketed and Affleck starred in a series of flops, it was widely believed they had gone their separate ways.
It now seems Bourne Identity star Damon is considering reuniting the pair. Damon said: "Ben and I found a project to co-direct that we might be able to get off the ground. We're just kind of on the hunt for something good.
"Directing feels like a natural extension, having written and then acted for all these years. It just feels like I've got to try it."
Damon, 36, has made millions playing Jason Bourne in the Bourne trilogy, as well as starring in a string of box office hits, including Ocean's Eleven, The Departed and The Talented Mr Ripley.
Affleck recently said he had given up hoping for success after his films Gigli and Jersey Girl flopped spectacularly and were ridiculed by critics.
However, his latest film Hollywoodland has been well received and is being tipped for possible Oscar success.