The trust which runs struggling Voyager Academy said it was unaware of any government plans to replace it with a new sponsor.
Peterborough MP Stewart Jackson said positive progress was being made to replace Comberton Academy Trust which runs the Walton school rated ‘inadequate’ by regulators Ofsted.
Mr Jackson, a vocal critic of the school, and Peterborough City Council leader Councillor John Holdich - who is also cabinet member for education - met with government schools minister Nick Gibb on Tuesday.
Following the meeting Mr Jackson said: “The minister Nick Gibb was left in no doubt that the Voyager is in serious trouble and we have reached the end of the road with Comberton Academy as sponsors.
“Both the leader of the council and myself made it clear that things couldn’t continue as they are.
“Department for Education officials have offered the prospect of a potential new sponsor to urgently tackle issues like poor teaching and behaviour, awful exam results, absenteeism and financial viability and these governance options are being positively progressed.
“This really is the last chance for this school.”
Stephen Munday, Comberton Academy Trust chief executive, said significant interventions had already been implemented at Voyager and that progress will continue to be made in all areas.
He added: “We are in regular contact with the Regional Schools Commissioner’s office, which is responsible for decisions about the future of The Voyager Academy.
“We are not aware of the information that Mr Jackson has shared with the media.”
A Department for Education spokesman said: “We are actively looking at other sponsors but it’s inappropriate to comment further at this stage.”