The process is at an early stage, and final pitches are expected to be held during March.
The incumbent is Mindshare, which picked up the £2 million business in 2011 after fighting off competition from Arena Media, Carat and Maxus.
A spokeswoman for the London Business School said: "I can confirm that we will be undertaking a media review.
"This is a statutory procurement requirement for the school that meets its obligations under its financial memorandum with the Higher Education Funding Council of England."
The school offers MBAs and PHDs in business subjects ranging from finance to marketing. The process is believed to be going through the Crown Commercial Service.
Mindshare declined to comment.
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