The business is currently held by WCRS, which won the account from Saatchi & Saatchi in May 2004.
Mr Kipling has failed to turn around a faltering performance as it faces growing consumer concerns with unhealthy eating.
In January last year, WCRS handled a £5m relaunch intended to attain a more premium positioning for the cakes brand.
However, Mr Kipling announced a 12% drop in cake sales for the six months to the end of October, which it attributed to cash-strapped consumers.
Saatchis had held the Mr Kipling account since 2000, retaining the 'Exceedingly good cakes' line created in the 70s by J Walter Thompson.
In 2003 the agency created an ad for the brand featuring a modern slant on the nativity play, which drew 797 complaints to the ASA - the most ever received.
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