The e-commerce site, which started up in 1998, is currently without a creative agency in this country. It uses MediaCom for all its online self-promotion.
But the website, which functions as place where users can bid for or sell any kind of goods, is now looking to extend its appeal and develop further as a major global brand.
It has already successfully used offline advertising in Germany and the US, where its business is handled by the San Francisco-based agency Goodby Silverstein & Partners.
The business in the UK is estimated to be worth £3 million and is likely to revolve around a TV campaign.
A decision on the review is expected to be made by March next year.
Earlier this year, Ebay overtook the rival online sales site Amazon as the number-one commercial e-commerce site in the UK with one billion pages viewed on Ebay sites in the UK in March 2003.
According to Nielsen Media Research/Net Ratings, in the past year Ebay has increased is audience by 160 per cent.
It has 62 million registered visitors around the world and is now used by some 6.8 million Britons who spend an average of one hour and 11 minutes on the site.
Last July, Ebay appointed the former Unilever interactive marketing chief, Simon Darling, to the role of group marketing director, replacing Linda Campbell.