However, Pernod Ricard has also asked Euro RSCG Worldwide, which does not currently handle any of the drinks giant's brands, to submit work for the brief.
TBWA's work, which was produced by a team of creatives from around the network, has just been put into global research.
However, if it does not score highly, the spirits company is expected to call a formal pitch for the account to be contested by the two agencies.
The whisky brand is looking for an international campaign that will run mainly in Asia and the US, where the brand has a strong presence, with some exposure in the UK market.
TBWA picked up the Chivas Regal global advertising business in 1994.
The company's media duties are handled by Aegis Media, which retained the £100 million international Pernod Ricard account in December last year after a pitch against ZenithOptimedia.
Aegis handles the business in seven European markets: the UK, France, Germany, Italy, Ireland, Belgium and Scandinavia.
Last month, Chivas Regal relaunched a high-priced version of the whisky called Chivas Regal 25 Year Old that retails at around £130. The drink had not been sold since before the Prohibition era in the US.