The company is in early discussions with agencies, and plans to hold an official pitch towards the end of the year.
The winning agency will be briefed with web-build activity as well as extensive online campaign work.
The initial briefs will concentrate on youth marketing, and will focus on how its digital strategy can be better used to target the youth market.
In the UK, Pepsi does not have a retained agency. However, in the past, it has used the regional agency Graphico for one-off briefs.
Graphico's latest work for the company was to relaunch the Pepsi Max website, www.maxyourlife.com, in October 2006. The site encouraged users to create and upload video clips that showed how they "maxed" their day. This was backed by the launch of a branded content channel on YouTube, which was managed by MindShare Interaction.
This week saw the UK launch of the latest pan-European Pepsi ad, created by CLM BBDO Paris.