PHD is the incumbent on Dulux, which makes up the bulk of the account, while Carat handles the media for the Polycell and Cuprinol ranges.
"We have very good relationships with both our agencies and they will be invited to repitch. However, we're not closing the door to other applicants at this stage," Phil Kent, the communications director at ICI Paints, who is overseeing the review, said.
The media review follows January's appointment of the Sandom Group to handle the Cuprinol account. It moved from the Bristol-based Bacon Caldow Loney O'Connell.
ICI is currently in the throes of reviewing Dulux's digital creative account. The core creative account, split between Abbott Mead Vickers BBDO, HHCL/Red Cell and Greenwell & Company, is unaffected.
The media review follows a tumultuous year for ICI - in April the company's chief executive Brendan O'Neill resigned after issuing a profits warning.
He was replaced by John McAdam who has pledged to restructure and reorganise the company in a bid to reduce costs.
McAdam announced a decline in ICI's fortunes in the first quarter of the year with a 23 per cent fall in profits and warned that there was little hope of markets perking up in 2003.
However, there was good news from the paints division, which was one of the better performing divisions of the business with profits up 11 per cent.