The directory service parted company with AMV, which held the business for 23 years, in April.
AMV claimed that its roster client BT had created a conflict of interest due to BT's presence in the directories market.
The agencies on the Yell shortlist are Mother, United London, Vallance Carruthers Coleman Priest and Wieden & Kennedy. Leagas Delaney and Miles Calcraft Briginshaw Duffy have been knocked out of the running.
Yell, previously owned by BT, was sold to a company jointly owned by Apax Partners and Hicks Must Tate & Furst 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 £2m ad campaign starring actor James Nesbitt, which was launched in November 2003 and is still currently running.
Yell's portfolio includes Yellow Pages, Business Pages, Yell.com and directory enquiries service 118 247.
The company appointed Catherine Kehoe, former BT Business' head of strategy and marketing, to be its marketing director in February last year.
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