The brand, which spends about £2m on advertising in the UK, has contacted several London agencies, with a view to assembling a shortlist of three or four in the coming weeks.
The process is being handled by Paddy Power's brand manager, Adam Perrin.
Paddy Power last put its ad account up for pitch a year ago, hiring Karmarama in January. It is not known whether the agency will be invited to repitch.
The Irish betting company had previously used various agencies, including Cawley Nea\TBWA, on a project basis.
Paddy Power has rolled out a series of quirky TV ads this year starring former sportsmen, including ex-football stars Carlton Palmer and Bruce Grobbelaar.
The brand has 80 retail outlets in the UK, with plans to increase this to 150 by the end of 2011.
In the first half of this year, Paddy Power posted a 29% fall in pre-tax profits to E34m (£30.8m). It blamed the drop on a series of Irish sporting victories, including the rugby union team's Grand Slam success in the 6 Nations.
Bookmakers have only been permitted to advertise on TV since the Gambling Act of 2007. Ladbrokes was the first to break cover, with a campaign featuring football pundits Ian Wright, Lee Dixon and Jimmy Hill.
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