The review began in October last year and covers the entire Walt Disney Studios business, including Walt Disney Pictures, Walt Disney Studios Home Entertainment and Disney Music Group.
WPP's MindShare and Havas Media's MPG were also involved in the pitch process, but were knocked out at an earlier stage, leaving Carat and ZenithOptimedia to contest a final round.
Disney's media account is worth around £21m in the UK alone, according to Nielsen Media Research. The UK portion of the business moved to Carat from Vizeum as part of a consolidation in 2005.
A spokesman for Walt Disney, which produces movies such as 'Ratatouille', 'Enchanted' and the 'Pirates of the Caribbean' trilogy, said in October that the review was part of a "best-practice, procurement-led process across all of its business units".