Lego has invited networks to pitch for the business, including the UK incumbent, Starcom Motive, which also holds the account in eight European markets.
The review follows a miserable period of trading for the toy manufacturer.
Last year, the company reported its worst annual losses - £127 million - following a 25 per cent drop in global sales.
This was attributed to an over-reliance on licences and a failure to concentrate on its core building-brick product.
Lego subsequently decided on a back-to-basics strategy, scrapping its pre-school Lego Explore range because of poor sales and reviving the classic Duplo brick products in its place.
The company has also embarked on a European review of cost centres, resulting in the loss of up to 600 jobs. The restructure also abolished Lego's divisional structure for Europe, which was previously split into central, northern and southern operations.
Following the departure of Paul Ploughmann, the chief operating officer of Lego, its top global marketer, Henrik Poulsen, took the reigns as the new European chief.
Mads Nipper, formerly the senior vice-president for Lego Central Europe, took on Poulsen's former global marketing remit and is overseeing the review.
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