The car company, which has previously reviewed its European media business on a market-by-market basis, is looking to consolidate the account into one network.
Omnicom's OMD handles the £67 million UK business and PSA's media in Denmark, Switzerland and Russia.
The Havas-owned MPG has the account in France, Belgium and the Netherlands and launched a joint venture with Group M called 2MV to service the business in Germany and Spain. Vizeum has the PSA account in Italy and Sweden.
The review is in its early stages, with the appointed network expected to be in place for January 2010. PSA is understood to have sounded out incumbent and rival networks ahead of drawing up a shortlist.
It is thought that Jean-Philippe Collin, the executive vice-president of automobiles at Peugeot and a member of the main PSA managing board, will lead the process.
OMD's recent capture of the consolidated pan-European Renault/Nissan business could complicate its involvement in the review.
This week, PSA announced that sales of its cars and trucks fell by 4.9 per cent in 2008.
PSA's relationship with the Havas-owned creative network Euro RSCG is not affected by the review.
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