The company is putting together a judging panel, which will consider the books of the strongest teams emerging this year from courses at Central St Martin's, Watford and Bucks & Herts.
The colleges will be asked to put forward a list of strong contenders.
The judges will then draw up a shortlist, before the finalists are invited to meet the judges for a face-to-face interview.
The winning team will then be offered placements for one year among Diageo's roster of advertising agencies. These include: Bartle Bogle Hegarty, J. Walter Thompson, Saatchi & Saatchi, Miles Calcraft Briginshaw Duffy, Abbott Mead Vickers BBDO and Mother.
Philip Gladman, the marketing director of Smirnoff and Archers, said: "Diageo has a long history of being involved in some of the best campaigns, such as Guinness. Those have been few and far between of late, so we want to help people come through and get the great campaigns of the future."