The torch logo, dubbed the "ice-cream cone" and previously linked to 1930s communist iconography, is to go according to Francis Maude, Tory party chairman.
Speaking on Sky News Sunday Live, Maude said: "We are looking at the branding of the party. It is important to get it right, but it's one of those superficial things that is not the be-all and end-all of our lives."
However, the Conservative Party press office said that it would not change anything in the immediate future and confirmed it does not currently have a contract with any advertising or branding agency.
The torch logo has been part of the party's branding since 1987 and was redesigned by M&C Saatchi in 2004 when the party was led by Michael Howard.
The Tory party severed its relationship with the ad agency last August in a row over fees.
The Guardian reported today that the new logo would be unveiled at the party conference in Bournemouth in October, which will be Cameron's first as leader.
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