Viacom will battle it out against French group JCDecaux, Clear Channel, Media Initiatives, KBH Transport Media, T4 Media, Primesight, Insight Outdoor, CEMUSA and Stroer Out of Home Media.
The 10-year contract allows the successful group or groups to sell advertising space on almost 290 London Underground stations, the Docklands Light Railway and Victoria Coach station, comprising 40 six-sheet billboards, many illuminated.
With an estimated 3m passenger journeys a day on the Tube and with 78% of regular users ABC1s and 34% between 15 and 34, the contract will be worth around £1.3bn over 10 years.
Chris Townsend, TfL's group marketing director, said: "The significance of the TfL opportunity has been reflected in the detailed responses that we have received from potential bidders. With the outdoor market buoyant we expect to achieve an unprecedented value for the new contracts."
A tender is to be issued in May to the shortlisted companies with final bids to be handed in within eight weeks.
TfL is also expected to announce a verdict on its bus shelter contract over the next two months.
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