The retailer has appointed AAR to manage the process, which it claims is designed to "reinvent Argos as a digital retail leader". The review was instigated by new marketing director Stephen Vowles and is expected to take three months.
Mindshare, The Social Practice, The Communications Agency and Razorfish, who work respectively on media buying, social media, promotions and digital briefs, are unaffected by this review.
Vowles said: "We feel the time is right for this review of creative ideas as we embark on a transformation of Argos into becoming a digital retail leader. We are changing and so are our advertising needs, which will need to access a broad mix of traditional and digital channels.
CHI, which Vowles credited with creating Argos' most successful campaign with its 'Aliens' ads, will be shortlisted for the review.
Sarah Golding, the chief executive of CHI, added: "As a key strategic partner for the past eight years, we are excited by the transformation journey that Argos has embarked upon and believe we will prove that we are the right agency partner for them going forward."