Art Everywhere wants members of the public to select the pieces they most admire from a longlist of 70 British artworks, which range from the 1500s to the present day.
The artists Anthony Gormley and Grayson Perry will reveal the winning pieces on 16 July.
Reproductions of the top 25 selected artworks will then be displayed on poster sites, bus stops and billboards across the UK for six weeks, from 21 July to 31 August.
Out-of-home media owners have donated sites to enable the art to be shown across the UK, including Underground stations, shopping centres and roadside billboards.
The project, now in its second year, is a collaboration between Clear Channel UK, Exterion Media, JCDecaux, Richard Reed, the co-founder of Innocent Drinks, the Art Fund and Tate galleries, among others.
The organisers said the 2014 version of Art Everywhere would be bigger and better than last year, by showcasing a new set of British artworks sourced from public collections across the country.
This year will also feature the project being tripled in duration to six weeks, as well as a featuring a cinema exhibition film about the project and winning entries, to be shown at 1,000 Vue cinema screens.
The public has been invited to become patrons of the exhibition through crowd-funding it, with donations used to fund the production costs of printing the posters.
Anyone who donates £10 or more will have their choice of limited edition rewards, from a postcard set, through to a 48-sheet billboard poster.
The organisers hope to build on the success of last year’s inaugural show by making the campaign an annual event, as well as expanding it to include a separate project in the US during August.
Reed said: "Art Everywhere is back to showcase great British artworks for a summer of art. We want the British public to crowd fund and vote for their favourites. This year goes bigger and better, including a specially created artwork exclusive from a world-renowned artist."
Artists have been involved in every stage of the Art Everywhere project and Caroline Collier, the director of partnerships at Tate, chaired the longlist panel.
Emma Newman, the marketing director at Clear Channel UK, said: "Like all the best ideas, [Art Everywhere is] wonderfully simple and is a brilliantly effective way of bringing inspiring artworks to people right across the country."