Hi ,
Welcome to the Microsoft Q&A Platform. Thank you for reaching out & I hope you are doing well.
I understand that you would like to configure VNET Peering between two VNETs that are in two different Tenants. (as long as both are of Resource Manager deployment model)
Yes, this is possible.
Please check thread for similar question, it may help you for sure https://learn.microsoft.com/en-us/answers/questions/1501365/peering-of-vnet-in-different-accounts
For more information on VNet peering and VNet-to-VNet connections, you can refer to the following Azure documentation:
Kindly accept answer if it helps.
Please let me know if any questions
Thanks
Deepanshu