Chiltern Edge School in Sonning Common had been rated inadequate by Ofsted after following the inspection in March.
Inspectors also said pupil attainment was too low and a disadvantaged pupils' fund was not being used effectively.
Oxfordshire County Council said it will begin consulting on Friday over whether the school should shut.
The school, which educates children between 11 and 16 years old, received a good rating from Ofsted in 2012.
But after the most recent inspection, the watchdog said the school had shown a lack of management and effective teaching, which led to pupils underperforming.
It added: "Standards in reading are too low. Pupils do not read well or widely enough.
"This restricts their access to the wider curriculum."
The council will discuss the potential closure of the 500-pupil school with parents on 3 May.
A spokesman said the consultation - which will run until 16 June - will explore the potential impacts of the closure and how it can provide good-quality education to pupils.
Director of children's services Lucy Butler, said: "It's important to stress at this stage that no decisions have been taken and that the school would not close without appropriate transfer arrangements in place for every child to attend a better-performing school."
The school would not comment on the potential closure, but a letter to parents read: "Inevitably, this is a time of great concern and uncertainty for everyone but I assure you that everything possible will be done to safeguard the education and progress of our students."
A secondary school placed in special measures by inspectors last month could be closed, a council has said.