The move deals a blow to sister Omnicom agency DDB London, which had previously handled the account.
The US credit card giant said the move was part of a shake-up of its "creative strategy" and the introduction of new services such as cashback and ID theft protection.
The move, which was overseen by Justin Basini, Capital One's vice-president of brand marketing, does not affect the company's relationship with Omnicom's DDB and BBDO in the US.
In a statement, Capital One said: "Capital One Bank can confirm that, pending successful contractual negotiation, AMV BBDO London will support the advertising of our UK business going forward.
"The move comes at a time when the company is reviewing its creative strategy and building on the recent positive enhancements to its brand delivered by its cashback and ID theft initiatives."
DDB London picked up the UK account in early 2005 from McCann Erickson. Capital One's UK media planning and buying account, handled by Starcom, is not part of the latest move.
Justin Basini, Capital One's vice-president of Brand Marketing, said: "This is a really exciting time to be promoting our brand. We're looking forward to working to find new and engaging ways to bring our cards, services and brand to life for our customers."
Stephen Woodford, DDB's UK chief executive, said: "We've had a successful relationship with Capital One and together we have recognised it is time for a fresh perspective on the brand. We wish them every success with AMV BBDO".
The estimated £10m direct marketing account is held by another Omnicom agency WWAV Rapp Collins.