In August, Oasis founders Liam and Noel Gallagher announced they are putting their long-running feud behind them to reunite for a string of UK and Ireland stadium shows next year. Last month, they added US, Canadian and Australian dates to the tour.
Speaking to The Sun, Coxon revealed he was delighted to hear the news despite the long-running rivalry between the two bands.
"It's good for them and it's good for fans," said the 55-year-old guitarist. "I've been saying, 'Just do it'."
Asked if he had encouraged Noel to get the band back together, Coxon added: "God no, I wouldn't have talked to him about that and it's not really my business. I don't know him well enough to say that.
"But hopefully it's a genuine reunion because some bands break up and don't get that chance again."
Blur themselves broke up in 2003, before reuniting again in 2009 for a series of shows. They released a comeback album, The Magic Whip, in 2015 before going on hiatus until last year's The Ballad of Darren.
The Independent's music editor Roisin O'Connor also celebrated news of the Oasis reunion, writing: "The prospect of an Oasis reunion had been bandied about so much over the years that you'd think fans were trying to speak it into existence.
"Yet it could only have ever really happened now after the once-warring brothers had proved themselves as successful artists in their own right - Liam as a solo singer (his band Beady Eye didn't fare quite so well) and Noel with his High Flying Birds."
Last month, Liam Gallagher issued a furious rebuke aimed at viewers who criticized his first live performance since the Oasis reunion was announced, which was held at Wembley as part of the entertainment for the Anthony Joshua vs Daniel Dubois boxing match.
Some viewers criticized Gallagher's vocals during the show, goading him into a typically expletive-laden riposte on X/Twitter.
"To all those S***C***S who were crying about my ANGELIC TONES last night you ain't real fans your [sic] just IMPOSTERS," he wrote.
"And if you do have tickets you wanna get rid off I'll gladly take them off your hands we don't want the likes of you at our concerts nxt year any way LF***ING."
The appearance took place at Wembley before a reported audience of 96,000 fans. Gallagher performed three Oasis hits: "Rock ' N' Roll Star," "Cigarettes and Alcohol," and "Supersonic."
