Both the incumbents are understood to be taking part in the pitch, along with two unnamed agencies.
Media buying will not be affected.
According to Greg Ross, P&G's director of media for North America, the review is to deal with media fragmentation. He said: "Given today's media fragmentation, we need to connect with our consumers and reach them at various touch points."
The move follows an announcement by P&G that it will sell Sunny Delight to JW Childs Associates, a Boston-based equity company. Childs will run the business across eight countries, including North America and Europe, through a company named Sunny Delight Beverages.
Last year, P&G completed a review of its £162 million media planning business in the UK. The account was consolidated into Publicis Groupe's ZenithOptimedia and Starcom MediaVest, at the expense of MediaCom.
P&G, which owns brands such as Pringles, Pampers and Olay, recently appointed Bernhard Glock to the new role of global media and communications manager.
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