The Essex-based company, which is said to be looking to rebrand itself in an attempt to take on its larger rivals DFS and Courts, has previously produced its advertising in-house.
Several unnamed agencies have pitched for the work and a decision is expected to be made within the next few weeks.
At this stage, it is believed the creative brief will include both above- and below-the-line dimensions.
Harveys hired David Rich as its head of marketing in May. He was previously the group marketing manager at Alders.
The furniture giant DFS spends around £60 million a year on advertising, while the UK's second-largest furniture retailer, Courts, spends £16 million.
At the other end of the scale, Uno Upholsterers and the home and furnishings de-partment store Habitat both spend about £5 million on advertising each year.
MediaCom handles the media planning and buying for Harveys since winning the £10 million business for the Homestyle Group in 2001, which also includes Rosebys, Knightingales and Fabric Warehouse.
Harveys declined to comment on the review.