The agency has been briefed to create a campaign that will incorporate scenes from the programme into the online ads.
James Booth, the managing director of Tangozebra, said: "The internet continues to play an increasing part in the end-users' consumption of media. ITV has a strong tradition of supporting its high-profile TV programming with compelling online activity. We are delighted to provide the solutions that will help bring Love Island to life online."
ITV is also in the final stages of finding a sponsor for the series.
The broadcaster recently held an auction for a programme sponsorship package.
The first series was sponsored by Chevrolet, but ITV has confirmed the US car manufacturer is out of the picture this time around. The online campaign is also expected to direct users to the relevant sponsor's web page.
ITV has not yet announced a start date for the second series of the reality TV show, which will be screened this summer. The show has been given an increased run from three weeks last year to five weeks this year. The model Rachel Hunter is tipped to host the second series alongside comedian Patrick Kielty.
The first series of Love Island, which attracted an average audience of 3.7 million, got off to a slow start, but peaked with a viewing figure of 5.3 million.