The council and school governors - whose chairman is shadow home secretary Jack Straw - argue that the concrete and glass school building costs£370,000 a year to maintain.
They would prefer a developer to build a new school, with luxury flats alongside, leasing classrooms back to the authority.
If the council has its way, the replacement would be the first education building resulting from PFI.
The school boasts good results, is well-liked by its pupils, and is considered worthy of listing by conservation bodies.
Glancey is also opposed to the idea of producing education buildings via the 'philistine policy of PFI. 'If this is the future of public architecture in Britain, and specifically the future of buildings for education, we should begin to worry'.