The company has spoken to at least three agencies about working on its advertising, raising questions over its relationship with the incumbent, M&C Saatchi.
M&C Saatchi picked up the global account in 2011 after a pitch against Fallon and JWT. At the time, the brand was owned by Nokia but has since been acquired by the private equity company EQT for a reported $200 million.
Vertu was established in 2000 and sells luxury mobile phones that cost thousands of pounds.
Before appointing M&C Saatchi, Vertu used DHM for its advertising, and both agencies have run campaigns using the strapline: "Life beautifully arranged."
Vertu and M&C Saatchi declined to comment.