The airline, which rebranded from British European in 2002, has already contacted agencies. The shortlisted agencies will present their pitches next month.
The incumbent of three years, Clark McKay & Walpole, has been invited to pitch.
FlyBe wants agencies to come up with an online customer relationship marketing programme aimed at increasing online bookings.
Earlier this year, the budget airline backed the relaunch of its Economy Plus business service with a £1 million ad push through its ad agency Souk, with media planning through Starcom. CMW developed an online campaign, which was sent to 800,000 Flybe customers.
Eighty-six per cent of the airline's reservations are made online, up from 6 per cent in 2002.
Flybe is preparing for an IPO next summer. The company aims to raise up to £100 million.