The motor magnate repeated his wish to build an academy school - but is yet to win over education bosses.
"We are very keen for a Vardy academy," he told the Echo.
"It really is up to Sunderland and the council to decide whether they want one or not."
An academy would cost between £20million and £23million.
The chief executive of reg Vardy plc - one of Europe's biggest motor retailers - has already begun to see his educational vision taking shape in Middlesbrough, Gateshead and in Doncaster, where the Vardy Foundation has been asked to build two academy schools.
But education bosses on Wearside say there are "fundamental differences" between the educational principles of Sunderland Council and the Foundation, which aims to sponsor six schools in the North of England.
In Gateshead, the well-established Emmanuel College is achieving outstanding exam results, and 30 miles down the road in Middlesbrough, Prime Minister Tony Blair performed the official opening at The King's Academy.
The opening followed a visit by Sunderland City Council leader Bob Symonds to the school.
"We had the Prime Minister there last Friday, doing the official opening, and everybody there is just delighted with what is being provided for the young people of Middlesbrough," added Sir Peter.
"There is a real need and an urgency to improve education.
"We hope to be able to do something in Sunderland."
But education bosses have in the past been adamant that the solution for improving education in once city is not necessarily suitable for Sunderland.
"We are achieving excellence in different ways from the academy philosophy,"a Sunderland Council spokesman has said.
"Our information technology results for 14-year-olds are 10 per cent above the national average, thanks to our collaboration between City Learning Centres and our schools.
"Our PE and sports provision is regarded nationally as one of the top four in the country. The way we do that is through collaboration
"Every place is different and what suits one city doesn't necessarily suit another."