Last month, Yell shortlisted four agencies from a list of six, after parting company with Omnicom creative shop Abbott Mead Vickers BBDO in April after 23 years.
Mother, United London, VCCP and Wieden & Kennedy were chosen, while Leagas Delaney and Miles Calcraft Briginshaw Duffy were knocked out of the running.
Mother and VCCP are the last two agencies on the list and a final decision is due within the next two weeks.
AMV claimed that its roster client BT had created a conflict of interest due to BT's presence in the directories market.
Yell, previously owned by BT, was sold to a company jointly owned by Apax Partners and Hicks Must Tate & First in 2001.
The review of the business is being overseen by Yell's chief marketing officer Ann Francke, the former strategic director of marketing at high-street chain Boots.
AMV was the agency behind the 拢2m ad campaign starring actor James Nesbitt, which was launched in November 2003 and is still running.
Yell's portfolio includes Yellow Pages, Business Pages, Yell.com and directory enquiries service 118 247.
In April, PHD, which currently handles media planning and buying for Yell, looked at plans to move the 拢59m media planning account for competitor and fellow PHD client BT into Omnicom sibling Abbott Mead Vickers BBDO to avoid conflict issues.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .