The review was kicked off in July, when the food giant dropped all of its incumbent agencies from its roster.
McCann Erickson is the incumbent on the Mr Kipling and Cadbury cake business.
Earlier this month, Miles Calcraft Briginshaw Duffy was added to the roster, with RKCR/Y&R losing out.
It not yet clear how Premier Foods, which owns the Hovis, Mr Kipling, Sharwood's and Bisto brands, will split the brands between the agencies.
Other agencies that failed to make the final shortlist last month included CHI & Partners, Delaney Lund Knox Warren and Publicis London.
This was a particular blow for CHI, which handled the majority of the business including the Ambrosia, Loyd Grossman and Gale's Spread accounts, along with the £6m Branston range which it won last year without a pitch.
Premier Foods decided to slim down its advertising roster following the acquisition of its rival RHM earlier this year. RHM owned the Bisto and Paxo brands among others.
The pitch was extended to a selection of non-roster agencies at the long list stage.