The broadcaster is in talks with several unnamed ad agencies and is also expected to appoint a media agency to handle campaigns when its ESPN channel launches on 3 August.
ESPN's advertising budget is not known, but Setanta, which held the Premier League rights before going into administration recently, spent £8 million in the past year on advertising to promote its coverage.
Wieden & Kennedy handles ESPN's US advertising, but a source close to the process said that ESPN wants to hold a "fair and open" contest involving other agencies.
Unlike Setanta, ESPN does not plan to sell its coverage directly to viewers. This week, it announced a deal with Sky that will see the ESPN channel, the home to 46 Premier League matches next season, made available to Sky Sports customers for £9 a month and to other Sky customers for £12 a month.
The ESPN channel, which will sit alongside the existing ESPN Classic channel, will also offer international sports previously available on the ESPN America channel.
ESPN's co-operation with Sky also extends to production and ad sales. Sky's in-house production team will produce ESPN's coverage of Premier League football, while Sky Media, its sales house, will sell ad space for the new channel.