It is the second pan-European creative pitch that the agency has won from Lexus, following its successful bid for the £10 million RX300 4x4 account back in February and the subsequent launch of the "It changes everything" campaign.
Saatchis and the Dentsu-owned BLD made final presentations in Brussels last week. Saatchis, which already handles the £4 million UK advertising account for Lexus, will now be responsible for developing a campaign to accompany the official unveiling of the new model at the Frankfurt Motor Show in September.
The ads will break in the UK in mid-September before rolling out in other European markets in early October.
The flagship LS430 is the latest model to undergo a facelift as Lexus attempts to compete head-to-head with rival car manufacturers' models such as the BMW 7 Series and Mercedes S Class in the luxury sector.
David Brimson, the general marketing manager for Lexus, said: "The LS is the iconic Lexus, the car that launched the brand.
"It's a credit to the UK team that they again won the pan-European work, taking the dynamism of the car for a campaign that will challenge the audience to change the way they look at luxury."
Kevin Dundas, the Saatchis London managing director, said: "After the success of the RX300, the new LS430 is a great opportunity to give further impetus to the Lexus brand across Europe."