Euro RSCG London and Budweiser's roster shops DDB London and Rainey Kelly Campbell Roalfe/Y&R will battle it out for the task.
The pitch is scheduled to begin in September, with a result expected early next year.
The decision to review has been taken as the company tries to bring clarity to its UK marketing communications.
There are a number of disparate campaigns running for the main brand at the moment, as well as for brand extensions such as Bud Silver.
The review also marks the first time the UK office has been given the independence to find its own agency.
Historically, the head office in the US has dictated any advertising decisions, and the main brand work has been carried out by DDB, the company's global network agency.
RKCR/Y&R, which was added to the roster in January 2004, creates work for Budweiser's sponsorship deals. Last summer, the agency created more than 30 idents for its sponsorship of the 2006 Fifa World Cup on ITV.
RKCR/Y&R also created Budweiser's latest work, the Bud Bucks virtual currency campaign, with the integrated agency Inferno.