Euro RSCG pitched against Abbott Mead Vickers BBDO and Mother for the task, which will see a new logo and brand identity being developed, alongside press, poster and ambient campaigns designed to get people back to London.
The incumbent agency was Doner Cardwell Hawkins.
The LTB this month launched the search for an agency in association with COI Communications and the London Mayor Ken Livingstone in response to falling visitor levels - down 10 per cent in 2001 - as a result of the foot-and-mouth crisis in the UK and the terrorist attacks in the US.
It is thought that the budget will be split into two chunks, with the majority being spent between March 2003 and March 2004. Euro RSCG is believed to be working on campaigns in the run-up to Christmas and New Year using the rest of the £10 million spend. The aim of the promotion will be to increase the number of visitors next year by 4 per cent to 29.5 million.
This is still 6 per cent lower than the 31.6 million people visiting London in 2000.
Attracting visitors to London is a crucial part of an overriding strategy to encourage visitors to the rest of the UK.
Euro RSCG refused to comment as Campaign went to press.