The review process will see MediaCom, Initiative, OMD and ZenithOptimedia go head to head in what could see the brewer reduce the number of agencies it uses.
The review is due to be completed by June next year at the latest and will focus on Carlsberg's nine major European markets, of which the UK is one of the largest, worth £13m with the Carlsberg and Tetley brands.
Denmark, Norway, Sweden, Finland, Germany, Switzerland, Italy and Poland are the other countries included in the European account.
Alex Myers, vice-president marketing and innovation at Carlsberg, said: "Our relationship with the agencies will be on a 'business as usual' basis until the review has been completed."
Myers will be leading the review with key marketing executives from subsidiaries.
"The review process will help us to optimise the service levels for strategic and day-to-day support, and ensure competitive buying in all markets," Myers added.
Carlsberg has 91 production sites in 47 countries, with its products sold in more than 150 markets. Carlsberg, the company's flagship lager brand, sold 68m bottles of its beer every day in 2003.
Reports of a Carlsberg review first emerged almost two months ago when ±±¾©Èü³µpk10 reported that the Copenhagen-based brewer had launched a global review of its media account and had instructed the media auditor Billetts to assist in the process.
During Euro 2004, Carlsberg pumped an additional £23m into marketing and is in the middle of an expansion drive into Russia.
Its advertising is handled by Saatchi & Saatchi, which is behind the "So good, the Danes hate to see it leave" campaign.
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