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The show, which has been rumoured to return - in some format or other - for a good while now, was created by Lucas alongside David Walliams and first aired in 2003.
However, Lucas explained the original show was a reflection of how we were then, and they'd like any new version to reflect who we are now.
Lucas explained: "We need to sit down and work out who we are bringing back and who we aren't.
"I think the reason the show was successful is because it reflected how we all were back when we made it, if we hadn't have got that right it wouldn't have been so popular.
"I think to make it successful today you'd have to reflect how we all are now.
"I think you definitely have a better chance of success if you are in sync with how people are at that time."
To be fair, attitudes have changed quite a bit in the intervening 17 years. It's tough to get away with some of the controversial characters the show had first time around.
That means that fan favourites such as Marjorie Dawes - a racist weight loss clinic - might not feature.
The same goes, you'd imagine, for Lucas' Thai-bride character Ting Tong, and Walliams' blacked-up character Desiree.
While Marjorie Dawes might cause some consternation, most folks won't miss those other two, so it's probably for the best.
It seems Walliams feels the same way as Lucas on the issue of updating the show.
Speaking to Radio Times last year, he said: "It's a different time now. You'd make any comedy differently. We started working on Little Britain nearly 20 years ago, because it was on radio first.
"It's hard to say specifically how it would be different. There's all kinds of tolerances that change. People understand people's predicaments more now. Maybe it's, 'We see this differently, we've got more information,' and it would be a different type of joke."
To be fair, we don't actually know when the show is coming back at all. After the success of their Little Brexit radio show last year, the pair have been inundated with calls to come back.
On the subject, Walliams told The Sun: "I would say there will definitely be some more Little Britain coming. I can't say when exactly but at the right time and place. It was fun coming back for radio because that's where we started.
"We had to put it together quite quickly as it was about Brexit. Plus no one expected us to come back on the radio. You would have expected Comic Relief or a big live tour. The reaction was great, which was encouraging."
He added: "Matt and I have been getting lots of offers to do more things together again. We just need to decide whether it is revisiting something we've already done or working on something brand new or doing both those things."
Lucas added: "David and I chat most days and we're looking at all the ways to bring it back."