The review will officially begin next month, following a round of chemistry meetings with a number of longlisted agencies.
The account has a budget of between £5 million and £6 million a year, with the prospect of an increase in 2008.
Wieden & Kennedy, the incumbent, was unaware of the forthcoming pitch.
The winning agency will begin work on the business at the start of next year. It will be briefed with promoting the country to people outside of Wales, but also with raising its profile and attractions to the Welsh population.
The brief will not only include above-the-line duties, but also digital and below- the-line elements.
It is unclear how this will affect Partners Andrews Aldridge, the incumbent on the direct marketing business.
The most recent TV campaign for Visit Wales, which was created by Wieden & Kennedy, looks at some of the things the country is most famous for.
In "mud", the execution begins with different parts of a woman being hosed down to clean away huge amounts of mud. The hose is then trained on a mud-caked bike.
As this happens, a voiceover says: "You can have our squeaky clean air, our banter, our lobster. But you're not 'avin' our mud."
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