The men's grooming brand is understood to have shortlisted a number of agencies, including Lean Mean Fighting Machine and Meme. The brief will involve revamping Brylcreem's website and online advertising.
Wheel won the business in the summer of 2003. It created the Ministry of Hair concept, a site that highlights celebrity "hair crimes" and invites users to upload photos of their friends with bad hair.
Chris Clarke, the executive creative director at Wheel, said his agency resigned the account because it was "at odds" with the client over the amount of money Brylcreem was investing in digital.
The brand has focused on above-the-line advertising since late 2003.
Brylcreem signed a two-year, six-figure deal in May to sponsor the Sky Sports show Soccer AM.
Last year, it ran a cinema ad, created by WCRS, which showed naked men going about their daily business. Passers-by were so impressed by the men's hair that they did not notice their lack of clothes. It followed a print campaign, which depicted a Plasticine man in various positions from the Kama Sutra.