According to the NME today (http://www.nme.com/news/30599):

Morrissey has revealed he has turned down a near-£40 million offer to tour again with his old band The Smiths.

The star, who also rejected a request to headline the Coachella Festival with the group in 2006, was asked if he would perform 50 shows throughout the world in 2008 and 2009.

The only condition was that he would have to tour with the band’s guitarist and co-songwriter Johnny Marr, thus meaning it the reunion not dependent on the participation of bassist Andy Rourke and drummer Mike Joyce.