The discussions are being held by Swatch's UK marketing team, which is headed by the brand director, Philip Woolff.
"The reality is that we have had casual conversations with a number of agencies about a project that may or may not happen," he said.
Woolff stressed that the process does not affect Swatch's relationships with agencies on its roster, such as Joshua, which handles its £25m global advertising account managed out of the company's European office.
Joshua recently created a €14m autumn/winter advertising campaign to promote Swatch's latest range of watches. The integrated work includes press, poster, online and point-of-sale activity.
The agency won the Swatch business in January 2005 after a pitch against St Luke's and HHCL Red Cell.
Later that year, the agency's executive creative director, Mitch Levy, took on the new role of global creative director on its Swatch account.
Swatch also uses the media agency M2M and the PR agency Nelson Bostock.
The Swatch Group is based in Switzerland. In addition to its eponymous watch brand, it also manufactures Omega, Tissot, Breguet, Calvin Klein, Longines and Rado watches.
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