The media task includes campaigns for all Transport for London activities from the congestion charge to road safety and London buses.
Interested parties will have until May 19 to make a submission, with an invitation to tender to be issued by the end of May.
A final decision is expected by November 2005 in line with Transport for London's 2006 to 2007 fiscal period.
PHD won the five-year contract in 2001 and Transport for London's decision to review the account 18 months earlier than expected is no reflection on PHD's work, the transport authority has confirmed.
Chris Townsend, director of group marketing at TfL, said: "This review purely fits in with our planning cycle.
"We really have all our budgets and plans in place by January 2006, so we need to have this out of the way and the agency already in place to help with the planning process."
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