The consultancy handled Wal-Mart's $580m (拢303m) creative and media account appointments earlier in the year, and has been given a second chance after the retailer decided to repitch its creative account.
Last month, Wal-Mart appointed Interpublic Group's DraftFCB for creative duties and Carat to handle media planning and buying.
The retailer parted company with Julie Roehm, its senior vice-president of marketing communications, last month. It then ended its relationship with DraftFCB.
Roehm spent less than a year at the company after joining from DaimlerChrysler. She had been a key decision maker in the appointment of DraftFCB alongside media agency Aegis-owned Carat USA in October. The debacle was a major embarrassment for the retail giant.
Possible new candiates for the refreshed pitch are understood to be Interpublic's Martin Agency, WPP Group's Ogilvy & Mather and Omnicom Group's GSD&M.
Wal-Mart has said DraftFCB will not be allowed to participate.
SRI confirmed that it had reopened the review and that there will be further announcements in the New Year.
The appointment of Carat USA to media duties is not affected by the decision to repitch the creative duties.
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