High Street School, established in 1887, could become the fifth primary school in Dunedin in the past two years to close its doors.
Ocean View School was amalgamated with Brighton School in mid-2008; and Tomahawk School, Waldronville School, and Corstorphine School closed this year - all due to declining rolls.
High Street School board of trustees chairman Allan Cole said a meeting would be held with the school community in the next two to three weeks to discuss the school's future.
"We will be discussing the viability of staying open, and what can be done to keep the school open. We will also have to consider closure," he said.
Mr Cole declined to talk about the issues which had led to the meeting.
"We would love to have the space to do what we need to do as a board," he said.
However, Ministry of Education March roll return statistics show one possible issue may be the school's declining roll.
Figures showed the school's roll had dropped from 115 pupils in 2001 to 28 this year.
The 123-year-old decile 7 school is a year 1-6 contributing school and its pupils come from a wide range of socioeconomic backgrounds.
An Education Review Office report, released in July, noted the school had experienced significant changes in 2009, with a turnover of teaching staff and the resignation of former principal Sue Riddle.
At the time of the 2010 Ero review, all staff were in relieving positions.
However, since then, acting principal Wendy Mabon had been appointed as principal, and she has been working hard to turn around the school's declining roll.
Since its last review in 2006, Ero had noticed many positive changes in the school.
"During 2010, the board, principal and teachers have worked hard to revise and implement the school's curriculum.
"The board and principal have reviewed many school policies and implemented required systems, such as performance management, reporting student achievement to the board, and principal's appraisal," the review showed.
"Trustees and all staff are committed to establishing high standards of teaching and learning in an environment where student successes are celebrated."
Ero had observed "good quality" teaching, and caring and supportive relationships between all members of the school community.
Another review was to be carried out in 2012.
