The pair was married for four years at the beginning of the 1990s and their split was anything but amicable.
For the past 15 years, Arnold and Barr have traded insults online and in the press - but there are still some comedy promoters who think the couple should reunite for a tour.
The True Lies star tells news show Access Hollywood, "We've been offered a lot of money to tour together, but the cost of security was so high."
However, Arnold isn't ruling out teaming up with his ex: "Don't you think we'd be great in (film) Who's Afraid of Virginia Woolf, a remake of that? Wouldn't that be awesome?
"It would be nice (to work with her)... I was a stepfather (to her kids) for five years... I wish her well and I want her to be happy."
But a cosy get together appears to be some way off - Arnold pokes fun at Barr and their time together in his upcoming U.S. TV comedy special That's My Story & I'm Sticking To It.