The brand has not yet begun contacting agencies with the brief, but CHI & Partners has said that it will not re-pitch for the £4 million account.
Stuart Ibberson, the senior marketing director at Arla, said: "CHI have delivered some great work for us over the last 11 years, but we feel the time is right to refresh our communications on the Anchor brand."
Sarah Golding, a partner and chief executive at CHI & Partners, added: "We have loved working with Arla and have produced work we are very proud of including the multi-award winning campaigns ‘the life of our kitchen’ and ‘made by cows’.
"We wish Anchor all the best in this next phase of their brand development."
CHI & Partners won Anchor’s advertising account in 2003 (when it was called Clemmow Hornby Inge) after pitching against BMP, DDB and M&C Saatchi.
WCRS was the incumbent in 2003 and had held the business for four years. Before that, Saatchi & Saatchi had the account for 14 years.
Anchor's media agency is Carat, which is not affected by the review.
The brand spent £3.7 million in the 12 months to September 2012, according to Nielsen.