Visa Europe, which is a separate organisation to Visa, is not participating in the review, according to a spokeswoman. Its creative account is held by Saatchi & Saatchi, which recently introduced the new strapline "Life flows better with Visa".
The US accounts for the biggest proportion of Visa Inc's global spend and the incumbent on the US advertising account is Omnicom's TBWA\Chiat\Day.
It is understood Omnicom, WPP and Publicis Groupe have been invited to pitch.
It is not known whether Wieden & Kennedy's contract to communicate Visa's World Cup sponsorship is affected.
Earlier this year, Visa completed a consolidation of its global media arrangements. Omnicom agency OMD retained the US and Asia accounts, and won Latin America from Starcom and parts of Europe not belonging to Visa Europe.
Visa Europe opted to keep its incumbent agency, WPP's Mediaedge:cia, on its £90m account after the pitch involving OMD.