It is understood that four agencies pitched for the account this week. The brand is owned by Lucozade Ribena Suntory.
The account includes digital activity for Lucozade Energy and Lucozade Sport, which is currently managed by a number of agencies, supported by an in-house resource.
Rick Oakley, the head of digital at Lucozade Ribena Suntory, said: "We are reviewing our digital communications support as part of an annual process to ensure we are working with agencies that best fit our strategic priorities which support our business."
In August, Lucozade invested almost £2 million into an outdoor, digital and in-store campaign for a reduced sugar energy drink. The print ads were created by HeyHuman and were aimed at 25- to 34-year-olds.
Grey London has held the £7 million creative ad account for Lucozade since 2010, when it took over from M&C Saatchi.