The company is understood to have held talks with a number of agencies ahead of a full-scale review. BJK&E is the incumbent on Canon's 拢5m UK media account.
A Canon spokeswoman denied that it was reviewing its media business.
As well as running high-profile ad campaigns, Canon is also heavily involved in football sponsorship. It is an official UEFA partner and an official sponsor of the Champions League.
The fast growth in popularity of digital SLR cameras and digital video camcorders has fuelled the firm's recent success. According to its latest financial results, Canon's net sales for the third quarter of 2005 rose by 4% on 2004 to $7.8bn (拢4.5bn), boosted by a 30% year-on-year rise in digital camera sales.
The company also recorded an increase in its business machine division as colour printers replace monochrome machines and sales of computer peripherals increased by 4.4%.
In May, Canon promoted its SLR digital camera range with two short films about photography that were screened in cinemas between the ad reel and the movie trailers, in an attempt to blend in with the trailers.
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