The carrier is understood to have approached advertising and media agencies from its headquarters in Abu Dhabi, ahead of a pitch process.
Etihad, which is owned by the Abu Dhabi government, last reviewed the creative and media accounts in 2005.
Following the joint review, the airline appointed TBWA\London to its ad business alongside its sister Omnicom agency OMD for media.
Etihad’s global digital account, which was awarded to LBi in 2008, is not thought to be affected by the review.
The ad review follows massive investment by the airline in building its brand through sport tie-ups.
Etihad, which launched in 2003, signed up in July as the main shirt sponsor of Manchester City Football Club, in a ten-year, £400 million deal.
As part of the deal, the Eastlands stadium was renamed the Etihad Stadium, and the airline will give financial support to a nearby sporting facility, to be named the Etihad Campus.