The review is being handled by the AAR, and it is thought that five agencies have so far submitted credentials. Of these, three are expected to be selected to go through to pre-pitch meetings with the broadcaster.
Prior to Walker Media winning the business, it was previously held by Carat and Michaelides & Bednash.
The media review is being overseen by Five director of marketing David Pullan.
A spokeswoman for the broadcaster said: "David Pullan, who has recently had strategy added to his role, is looking at a number of ways to augment the channel's development."
She confirmed that as a result Five is "reviewing its arrangement" with Walker Media after five years.
"[Walker] will rebid for the business along with a number of other agencies," she said.
Walker picked up the account in 1998 without a pitch, when Jim Hytner, now at ITV, was marketing director.
The business could be worth as much as £10m. However, in 2002, the channel spent £2m on media and in the last 12 months it has spent £3.6m, according to MMS figures.
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