The airline currently uses Media Planning Group in most markets, including the UK, France and the US.
Networks including Initiative and OMD are said to be competing with MPG for the account.
Air France's spend is concentrated on its own home market but other key areas include the rest of Europe and Asia. It also spends $10 million in the US.
The airline is in the process of merging with its Dutch rival KLM to create the world's largest airline by revenue. MPG also handles media planning and buying for KLM. The European Commission gave the green light to the merger last month.
Networks are also said to have been contacted by Emirates about a review of its global media business. Media- Com handles the account in the UK.
Agency sources indicated that Emirates was conducting a review as part of a regular process of looking at suppliers rather than any particular dissatisfaction with its current arrangements.
However, Steve Wheeler, the advertising manager at Emirates, denied that a review was under way. "At some point, we will review but we're very happy at the moment," he said.
Emirates recently concluded a creative agency review by adding Strawberryfrog to its global creative roster. The agency's brief will be to create a global TV campaign to promote the launch of the airline's innovative Airbus A340-500.