It is understood that agencies have been approached directly by the client and have been invited to pitch for the business, which comes with an undisclosed budget.
Mysinglefriend.com has previously used the strapline "Matchmaking our fabulous friends" and has relied on limited amounts of banner advertising.
Agency sources suggest that the dating site is now looking to invest in press and television activity in a bid to support the brand.
Beeny, the star of Channel 4's Property Ladder, launched the website in 2004.
Mysinglefriend.com positions itself as a "social dating site". It differs from traditional dating websites in that, while single people can add themselves to the site, the profiles are written by their friends. It also allows users to peruse the people on the site before signing up.
Users are asked to sign up for subscriptions lasting one, three or six months.
The review follows some changes in the online dating market. In February, Zoosk announced that it was seeking to reduce churn by catering for people who are already in a relationship with the introduction of a gamification element to its site.