The COI has eliminated MediaCom and ZenithOptimedia from the final shortlist with an appointment expected by mid-April.
The business has been held by Starcom MediaVest for the past three years.
COI deputy chief executive Peter Buchanan said: "This has been an extremely difficult decision as proposals from all four agencies were excellent. However, we have narrowed the field and look forward to the challenge of making the final selection."
The review was part of the government's rules to open up its roster across media planning and buying networks every three to five years.
A spokesperson for the COI said at the time of the pitch: "The agencies will also be asked to demonstrate an understanding of how to reach different sectors of the population, including those that are traditionally hard to reach, such as pensioners on the lowest income level, socially excluded youth and adults with poor literacy skills."
Earlier this month, COI Communications confirmed it was reviewing its £167m creative roster, which it is calling with the hopes of injecting new blood into its advertising output.
The outcome of the £20m COI radio business review is expected by next month. Carat, MindShare, Starcom, ZenithOptimedia and incumbent OMD have been shortlisted.
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