The agencies involved include Mother London, McCann Erickson South Africa, Bartle Bogle Hegarty Singapore, Publicis Paris, the Toronto-based Taxi, Campbell-Ewald Warren, Berlin Cameron/Red Cell and Crispin Porter & Boguksy's Miami office.
Despite operating a complicated roster system and with a tradition of airing different ads across different markets, Coke is now looking to develop a campaign that lends a "magic" feel to the brand and can run in multiple markets.
But Coca-Cola has not ruled out the possibility of different agencies being commissioned to deliver one-off projects.
Berlin Cameron was awarded the global branding brief for Coke in February.
Its star-studded "real" commercials, created to run in the US market, are the lead brand campaign, but it is unclear if they will continue to play a central role in Coke's global advertising strategy after the review.
The pitch comes just months after a top-level management shake-up led by Neville Isdell, the new chairman and chief executive, in which Chuck Fruit was named Coke's chief marketing officer.
So far, the new management team has signalled a concerted return to global advertising, while many observers believe the review will result in Coca-Cola further strengthening Interpublic's share of the business, after Steve Heyer, Coke's president and chief operating officer, quit.