The company has approached a number of agencies on its roster to start the process. Work is expected to focus on digital and direct activity as well as some above-the-line advertising globally, as it also looks to launch a new teapot product in a bid to make tea more appealing to younger consumers.
Lipton's review follows recent promotional support behind the brand that involved the creation of a sampling campaign, "teavolution", that targeted 18- to 24-year-olds using the line: "Surprisingly refreshing and tasty."
Before this recent UK activity, Lipton ran a 2010 global TV and online ad campaign, created by DDB Paris, that featured the brand's global ambassador, the Australian actor Hugh Jackman, best known for playing the role of Wolverine in the X-Men series of films.
In the UK, the ads were only launched online - although they were aired on TV in other markets - in a bid to target a younger audience.
DDB has worked with Lipton across its global business since 2007. The brand also uses a number of other agencies including OgilvyOne in the UK.
Britvic acquired the UK distribution rights to Lipton Ice Tea in 2009 as part of an agreement with Pepsi Lipton International, the company jointly owned by Unilever and PepsiCo.Follow @SaraKimberley