The company has invited five agencies to pitch for the business, including the incumbent, Unison Media. The pitches will take place next week, with an appointment expected by mid-May.
The review follows the appointment of Mathew Hart, who joined Cannons in December as the group commercial and marketing director.
Hart said Cannons was taking a "new route" with its branding and marketing, and would reposition the business as a holistic health brand.
Last year, Cannons spent £700,000 on media, but it is looking to increase its spend along with its media mix over the coming year.
Hart said: "The Cannons brand has been quite conservative in the past. We are looking to find new channels that are effective and will increase our spend in line with this."
Circus Street, which handles online media for Cannons, is unaffected by the review.
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