Peters - who provides the show's funny voiceover - told Digital Spy that he has quite a list of groups he'd be keen to see if the series returns for a third time.
"I'd love Mis-Teeq to do it, but Alesha [Dixon] I'm sure won't do it," he said. "S Club 7 would be great - they'd have a lot of stories to tell."
Peters acknowledged that it is hard to reunite bands with a "big standout star", adding: "Isn't there a rumour that the Spice Girls are going to get back together but without Victoria? I'm not sure it works, all these band things, without one member. But then we did it with 5ive without J. And it was fine."
When DS pointed out this series has seen A1, Damage and Eternal take part without all of their members, Peters agreed: "Yeah, so actually maybe it just doesn't matter. The Spice Girls should save it and come on The Big Reunion, that would be amazing. Oh my God, can you imagine? It really would be the best thing ever. Save it, girls!
"The thing is, they can still come back because of course they haven't told the stories. Even if they go on tour with the Backstreet Boys, they won't tell all the stories, and it's the stories that we want to hear."
Peters, who was speaking to Digital Spy for his new ITV game show Ejector Seat, added that he would also like to see All Saints on The Big Reunion because "they must have good stories to tell".
"I think there's also a Britpop version to be made," he continued. "There's all those Britpop bands of the same era but of course the adoration wasn't the same - people didn't adore them in the same way they adored pop bands. So it might not be as successful. [But] oh my God, [their stories - they'd have] loads. There's still lots of avenues open."
The Big Reunion comes to an end tonight (March 27) at 9pm on ITV, while Ejector Seat will premiere on ITV shortly.