The retailer has approached a number of advertising agencies as it bids to develop a new brand positioning.
A pitch will be held just after Christmas, with an appointment made soon after.
The successful agency will then immediately start work on a new brand campaign, which Comet intends to launch in the spring.
Euro RSCG London has been the incumbent on Comet’s advertising since February 2010 and the agency will repitch for the account.
It had launched a brand campaign that introduced the "come and play" positioning. The campaign included a series of TV ads that showed Comet employees devising new uses for various goods.
According to Nielsen, Comet spent £17 million on advertising in the 12 months leading up to the third quarter of this year.
However, the company has recently experienced a turbulent period in which revenues plunged by 22 per cent.
Last month, Comet’s owner, Kesa, was forced to sell the brand to two companies backed by OpCapita for £2. The buyers, Hailey Holdings and Hailey Acquisitions, have promised to keep Comet as a going concern for the next 18 months, although they could close some of its 250 stores.