The global auction site has finalised a shortlist comprising its roster agencies in the main European markets, plus non-roster agencies.
EBay's European marketing director, Torsten Schuppe, is leading the review.
The company has asked the shortlisted agencies to show how they can support eBay on a pan-European, rather than on a local, basis.
EBay roster agencies in Europe include Albion in the UK, Euro RSCG in France and Springer & Jacoby in Germany.
Part of the review process could see eBay moving some of its advertising services in-house into newly formed "centres of excellence".
EBay is also expected to review its UK media account, which is held by PHD, this year.
Carat was handed the pre-Christmas £1.2 million media account on a short-term basis in November.
In December, eBay consolidated its marketing teams into its Zurich offices, following the announcement of a global restructure that was expected to lead to redundancies of 1 per cent of its workforce.
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