They had finished the previous season of Football League Two in 9th position.
Keith Alexander started the season as manager but was sacked in January 2007 after a run of poor form.
Peterborough managed to achieve a run in the FA Cup following victories over Rotherham United in the first round and Tranmere Rovers in the second round.
They were eliminated in the third round by Plymouth Argyle after a defeat in a replay in Home Park.
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