It has approached three unnamed agencies to pitch for the business, which moved out of Euro RSCG in September.
The company, which has recently moved its headquarters to Monaco, is looking to drop its famous "the man from Del Monte" campaign and replace it with a pan-European strategy that can be translated into any language.
The classic campaign was resurrected in 2001 following the appointment of Euro RSCG to the account, but the company believes the idea does not translate to a European audience.
Del Monte spent much of 2005 attempting to rebrand its fruit snack ranges.
This was backed by a £1 million ad campaign that attempted to appeal to six- to nine-year-olds. The ads showed fruit performing stunts like those in the TV programme Jackass.
In 2005, the company also redesigned the packaging for its fruit juice, backed by a campaign created by Euro RSCG.