Sources suggest Britannia is looking to see if there are any benefits still to be had from keeping the account in separate agencies. If not, then it will call a full-blown pitch.
Although Britannia has two million customers, it has suffered from a steady decline in membership in recent years.
The company's marketing director, Mark Williamson, quit suddenly in April after 14 years with the company and three months after his departure Ford Ennals joined as the managing director. Ennals, a former top marketer at Lloyds TSB, joined with the brief to grow the mail-order side of the business through online channels.
For a decade, Britannia was the sponsor of the broadcast of The Brit Awards but it stopped this in 1998. Last year, it struck a deal to sponsor Granada Television's The Record of the Year programme, which is fronted by Ant and Dec.
However, it is believed that it has recently adopted cold-calling techniques in order to promote membership.
No one at Britannia was available for comment as Campaign went to press.