The comedy legend passed away in 1982 at the age of 33 after suffering a drugs overdose.
Aykroyd worked with Belushi in the 1970s on sketch show Saturday Night Live before they teamed up for iconic roles in The Blues Brothers movie in 1980.
And the funnyman is convinced that if his pal had survived, he would have walked away from movies and TV and focused on his love of theatre instead.
Aykroyd tells the Associated Press, "I don't know today whether John, whether his spirit could take some of the abuse that you'd have to go through to be in the television, motion-picture business. John, even though he was tough, he was sensitive...
"He was very intellectual, John, and he was very well versed in theatre and books and literature, science. He would be probably one of the top Broadway directors, doing really, really special work, doing Shakespeare, doing Congreve, doing Shaw.
"That's the calibre of work he'd be doing. Although the rest of us would still be making buddy comedies, he would have definitely risen above all of that and gone on to do really important work."