In the UK, WPP's Mediaedge:cia is the incumbent on the account, which is worth £5m. The credit-card giant spends $333m (£191m) on advertising in the US.
For the past two decades, the company's global activity has focused on the Olympic Games, of which it is an official sponsor until 2012.
In March, Visa ran its first UK ad campaign for 10 years, urging customers to use their cards to carry out more lower-value transactions.
No one at Visa was available for comment on the review.
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