An ad will invite all interested media agencies to participate in the review, including digital specialists such as incumbent I-Level.
The way the tender is written will allow for a single media buying operation to apply for the business, but also a more lateral, creative solution paving the way for possible partnerships or alliances.
Talking to Media Week, Mark Lund, COI chief executive, said the move recognised the "rapidly evolving and changing media landscape" that has effectively broken down traditional buying silos.
This sentiment reflects changes already being made in trading floors across many major agencies.
Lund added: "The whole role of digital is something that's going to be very important. So we're trying to write our tender in such a way that we get within one group or one consortium, the best possible mix of talents.
"We certainly don't want to write anyone out of that equation."
Whatever the outcome, the consolidation process will end the COI's previous method of tendering its media buying contracts by medium.
The tender represents a new framework that will have to go through the European tender process. Any appointed agencies will be in place for a maximum of four years before a statutory review.
The decision forms part of the COI's ongoing Agenda for Integration announced in April following an independent review of its media buying systems by RAB (Radio Advertising Bureau) founder and media industry expert, Douglas McArthur.
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