The thermal stability of the (Bi,Pb)(2)Sr2CaCu2O8+delta phase in air has been studied by means of X-ray diffraction, SEM observations, DTA/TG and ac susceptibility measurements. It was found that the Pb segregation previously reported to occur around 700 degrees C is reversible upon further annealing in air at a higher temperature. It is shown that the kinetics of the segregation reaction are slow. The small structural modification in the (Bi,Pb)(2)Sr2CaCu2O8+delta phase induced by the change of Pb concentration is evidenced.