SINN Féin joined a cross-party meeting with representatives from Foyle College in relation to the future of the site on the Northland Road.
The site was extensively damaged in a major fire at the weekend.
Detectives are treating the fire as arson.
Speaking following the meeting local Councillor Eric McGinley said: “It’s sad to see what was once a bustling home of education for thousands of children in our city now a burnt out shell.
“I welcome the news that extra security measures are now in place. People should avoid accessing the derelict site.
“We will continue to work with all the relevant stakeholders to progress the future of the former school site.”