The Yorkshire company has asked the AAR to handle the pitch, which will take place later this month.
Incumbent Big Communications, which has held the account for nine years, will repitch for the business.
It is thought the review will be followed later this year by a brand relaunch backed by an increase in marketing spend.
Morphy Richards is one of the UK's leading electrical appliance brands and spends about £2m a year on advertising, according to Nielsen Media Research.
A spokeswoman for Morphy Richards confirmed a review was in progress but denied plans for a relaunch.
The firm recently teamed up with digital radio consortium MXR to promote DAB radio (Marketing, 14 December). Radio stations including Xfm, LBC and Century FM gave away digital radios made by Morphy Richards.
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