VCCP, which was set up three years ago, holds the advertising accounts for clients such as O2, Diet Coke, Dyson, ING Direct and FedEx.
There has been recent speculation that O2, which accounted for £40 million of the agency's £73 million billings in 2004, was planning to slash its advertising budget in the coming months.
However, Ian Priest, one of the VCCP founding partners, refuted the claim.
He said: "There is no truth to this at all and the client has just given us more work to carry out."
A deal with Chime would re-acquaint Priest and Adrian Coleman with the holding company as both worked for HHCL & Partners, part-owned by Chime.
VCCP is an attractive acquisition target. Nielsen Media Research figures show that its billings grew by 41 per cent in 2004, ranking it as the 21st biggest agency in the UK.
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