The bakery chain is looking for a new approach to its advertising and has briefed Propaganda, the incumbent on the account, to produce a fresh campaign idea by the end of the month.
However, it has also approached two more undisclosed agencies and asked them to answer the same brief. The marketing team will then present all three approaches to Derek Netherton, the company's chairman.
The company's current ad campaign stars Phoenix Nights' Paddy McGuinness.
The Leeds-based Propaganda picked up the Greggs account in 2006 following a pitch against RPM3, the incumbent at the time.
In 2008, the agency added the digital business for Greggs to its remit, with a brief to handle web development, online advertising, eCRM, e-vouchers, games and competitions. The digital account is not included in this pitch.
In August, the Newcastle-based company, which serves more than six million consumers a week, announced a 7 per cent rise in first-half pre-tax profits to £16.5 million, compared with £15.8 million in the previous year.