It is reviewing the business through Creativebrief and is thought to be looking to appoint a single agency.
The account spans 15 markets, including the US, and will be run out of the UK by Virgin’s global team.
The appointed agency will focus on Virgin’s loyalty programme, Flying Club. The work will involve DM, digital content creation and social media.
LBi, which handles Virgin’s e-commerce sites, and Rainey Kelly Campbell Roalfe/Y&R, which works on the advertising account, are not affected by the review.
Gyro has worked on Virgin’s global DM account since 2006. Hypernaked oversees trade marketing, while Rapp looks after the data business.
Last month, the airline launched a global TV and cinema campaign by RKCR/Y&R featuring talented children growing up to work for the company.
The airline is 51 per cent owned by Sir Richard Branson and Virgin Group and 49 per cent by Delta Air Lines, which bought the stake from Singapore Airlines in December last year.