The charity has shortlisted a number of agencies ahead of a pitch conducted by Race for Life's head of marketing, Emma Hyatt.
The Good Agency is the incumbent on the high-profile activity, which is backed by an adspend of more than £2 million and has, in the past, featured celebrities and the public.
Cancer Research UK also works with Abbott Mead Vickers BBDO on its advertising account. The agency, which created the recent "plain packaging" anti-smoking campaign for the charity, is unaffected by the Race for Life pitch.
The Good Agency, which was appointed in 2010, will keep its place on the roster, but will now only work on Race for Life's direct marketing alongside the digital agency Polymath.
Hyatt said: "The Good Agency has done an excellent job on the charity's flagship fundraising product, helping us raise over £100 million.
"We are now looking to refresh our above-the-line creative work and have shortlisted a number of creative agencies to help Cancer Research UK achieve its long-term ambitions to develop and optimise the Race for Life brand to enable us to raise as much money as possible in our fight to beat cancer."
Race For Life is the UK's largest women-only fundraising event and takes place every year. Its corporate partners include Tesco and Vaseline.