According to a report in the Sunday Times the media buying and research firm has contacted investment bank Merrill Lynch about handling the review.
It is also considering working more closely with Vincent Bollore, the chairman of Havas, who owns 29.9% of Aegis.
This option was made possible following the departure of Aegis chief executive Robert Lerwill at the end of November who had consistently opposed the Frenchman's bid for board seats.
New Aegis chairman and interim chief executive officer John Napier is thought to favour breaking up the business. There would be a great deal of interest in market research firm Synovate with buyers likely to include GfK -- the German group that lost out on TNS to WPP.
Aegis shares have risen substantially since Lerwill was ousted in November. Having traded as low as 48p before he went they initially rose in early December to around 60p and have continued to gain ground. This morning they are trading at 77.5p, but still a way off the 115p of a few months ago.
Aegis has warned of slowing demand in the UK, US and Spain, and it has been hit by the loss of the £650m Renault account to Omnicom's OMD.
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