The cereal firm is the second of IPG's UK clients to have received money back, the first being Tesco. A spokesman for Weetabix was unable to confirm whether the transaction had yet taken place.
The money relates to the period between 1997 and 2000 when Lowe London handled Weetabix's advertising and did not pass on discounts to its client.
After receiving its £3m rebate, Tesco announced that it was moving its £45m account into a new agency started by Lowe's founder Sir Frank Lowe.
Separately, IPG this week started proceedings against Sir Frank for "violation of contractual and fiduciary duties". He claimed the allegations were unfounded and demanded a retraction.
Tesco said it would move its advertising irrespective of any action against Lowe by IPG.
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