Pernod Ricard has compiled a shortlist of three agencies: Beattie McGuinness Bungay, Hooper Galton and Smarter Communications.
Arista Doce, Smarter Communications' Spain-based sister agency, currently holds the pan-European creative account for the brand.
Agencies have been briefed to raise the wine's profile in the UK. There are three wines in the Campo Viejo range: Crianza, Reserva and Gran Reserva.
Spanish wines account for 10 per cent of the UK market.
The review follows Pernod Ricard's £7.4 billion acquisition of Allied Domecq in July of last year. Other brands owned by the merged company include Malibu, Jacob's Creek, Beefeater gin and Jameson whiskey.
Pernod Ricard is also holding a UK media review for all of its brands and has shortlisted Media Planning Group, ZenithOptimedia and Vizeum for the £10 million account.
The deal between Pernod and Allied Domecq, the world's second- and third-largest spirit manufacturers after Diageo, was cleared by the competition authorities in Europe and the US in July. Outside the US, Pernod Ricard is the number-one alcohol supplier.
Pernod Ricard is also holding a UK media review and has shortlisted Media Planning Group, ZenithOptimedia and Vizeum for the £10 million account.