The pair are being lined up for what could be a regular feature once a month, seeing males joining the female panel to give a different perspective to the conversations.
Show editor Sally Shelford told The Mirror: "Many male guests on the show believe they can give our panellists a run for their money. Now we're giving them the chance to put their money where their mouth is. There are a few outrageous topics to discuss on Friday."
Peter's arrival on the panel comes the same month his ex-wife Katie Price joined the show as a once-a-week panellist. She raised eyebrows on her first appearance last week by talking about ex-husband Alex Reid's cross dressing, leading him to fire back with a statement criticising her remarks.
Last week also saw I'm A Celebrity... Get Me Out Of Here! winner Vicky Pattison serving as a guest panellist for a one-off episode, although many viewers urged the bosses at Loose Women to bring her back for more.