Efficient resource utilization is one of the main concerns of cloud providers, as it has a direct impact on energy costs and thus their revenue. Virtual machine (VM) consolidation is one the common techniques, used by infrastructure providers to efficiently utilize their resources. However, when it comes to large-scale infrastructures, consolidation decisions become computationally complex, since VMs are multi-dimensional entities with changing demand and unknown lifetime, and users often overestimate their actual demand. These uncertainties urges the system to take consolidation decisions continuously in a real time manner. In this work, we investigate a decentralized approach for VM consolidation using Peer to Peer (P2P) principles. We investigate the opportunities offered by P2P systems, as scalable and robust management structures, to address VM consolidation concerns. We present a P2P consolidation protocol, considering the dimensionality of resources and dynamicity of the environment. The protocol benefits from concurrency and decentralization of control and it uses a dimension aware decision function for efficient consolidation. We evaluate the protocol through simulation of 100,000 physical machines and 200,000 VM requests. Results demonstrate the potentials and advantages of using a P2P structure to make resource management decisions in large scale data centers. They show that the P2P approach is feasible and scalable and produces resource utilization of 75% when the consolidation aim is 90%.