The investment bank has approached network shops as it looks at new creative ideas to take the brand forward.
It is expected that the winning agency will be briefed to roll out an overarching campaign across Europe, but it has not been confirmed whether it will be retained to the Deutsche Bank pan-European advertising account.
The company does not have a significant advertising presence in the UK, but is more active in other markets, including Germany and the US.
It does not have a retained global ad agency, but awarded its £70 million global media planning and buying account to Carat at the start of the year.
In April, the company posted quarterly profits of €2.8 billion. The pre-tax figure exceeded analysts' forecasts and was a 50 per cent increase on the first quarter of last year.
The result was largely due to a recovery in its corporate and investment bank, and followed similar recoveries by rivals such as Morgan Stanley.
Deutsche Bank, which is based in Frankfurt, offers financial products and services for corporate and institutional clients and private and business clients.