The TV ad, created by MCBD, with media agency Starcom, will be fronted by brand ambassador and Olympic athlete Victoria Pendleton and features a new strapline "stop me snacking".
The ad revolves around Pendleton, who is shot eating the wholemeal bread after cycle training. It is part of the "Wholemeal Challenge ad run".
Premier Foods claims the £3m spend is double the amount it spent on the brand last year.
Social media, including Facebook activity, is also featured in the campaign and Premier Foods claims it is biggest social media spend to date.
Pendleton will also feature on promotional packaging during the campaign.
The campaign is geared towards shifting customers away from buying cereals and encourages them to opt for bread instead.
Caroline Jary, head of marketing for Hovis, said: "Victoria is a great ambassador for the Hovis brand and we are proud to have her fronting our campaign."
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