Education chair James Kempton admitted the circumstances for such a move existed. Ofsted and the Audit Commission have both criticised Islington for failing to take action on surplus school places, and the borough's school organisation plan records 13% of primary school places have not been filled.
Mr Kempton said: 'There's an outstanding issue we need to tackle. We're looking with CEA at a private finance initiative [scheme]. Any money we raise could help with that.'
But he said there were no immediate plans to sell a school building. CEA said selling a school was just an option: 'Nothing has been decided.'