The English rockers have been on hiatus since 2018 but the 55-year-old bassist has realised through conversations with Nick Cave that the band will be able to play whatever they like if they make a comeback.
Greenwood - who has been touring with Cave - told NME: "I was talking to Nick about this too. He's just such an amazing listener, and he was saying that Radiohead would be in a position to go and do whatever we wanted in terms of when we play, what we play and how we play.
"He was talking about Bob Dylan, who can just be on the road for two years or not at all and play all the hits or something different each night.
"You can put out a new album or you can do crazy projects. There's a freedom that we have that we should appreciate. It's not like we've reached a point where people are only interested in listening to something from the first three albums.
"I think we're still a band where people might want to know what might happen next. We're very lucky to have that."
Greenwood revealed Radiohead reunited for some rehearsals in the northern summer but is uncertain if it will lead to anything more.
"We got together in the summer just for a couple of days and just ran through all the songs and picked up where we left off in 2018. It was really fun and nice to see everyone.
"We were going to do three or four days but knocked it on the head after two because it was fine and we could still do it. My brother said that we'd just need a couple of weeks' rehearsal and we could go on the road, no problem.
"It was great, but beyond that get together, I'm sure we'll get together and make plans - but for what, I don't know."
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