The FMCG giant, which owns brands including Evian and Activia, has made contact with media networks ahead of a pitch, with the aim of having new agency arrangements in place by 2014.
MEC is the incumbent on the £20 million UK account, but Havas Media holds the bulk of the global business.
Danone, which last reviewed in the UK in 2009, has previously appointed agencies on a market-by-market basis, but may look to consolidate into a single network or networks in each of North America, Europe and Asia.
Agency sources said the review was partly motivated by the need for savings after Danone announced last year that it was looking to shave e200 million (£170.4 million) from its cost base.
A Danone spokesman said: "We confirm we are launching a media agency pitch for Europe, Asia and North America. We do not want to add any comment at this stage. A decision might be taken before the end of 2013."