Its new parent company, Wells and Young, is looking for a creative shop to handle a relaunch brief for the brand.
The winning agency will be briefed with restoring the Courage portfolio of beers, which includes Courage Best, Courage Directors, Courage Dark Mild and Courage Light Ale, in pubs and the off-trade.
The pitch will be handled by the AAR, which is currently drawing up a shortlist.
Both Farm and Team Saatchi already work on other Wells and Young brands, and will be involved in the pitch.
Chris Lewis, the director of marketing at Wells and Young, said: "The Courage brand is incredibly iconic and has a heritage of fantastic advertising. Farm and Team Saatchi have done a great job for us, and the purpose of the review is to find an agency best suited for the needs of Courage."
The 80s ad featured a man in a pub playing a piano, while a song by the cockney duo extolled the virtues of the beer.
Wells and Young acquired Courage from Scottish & Newcastle in January.