The review is the latest stage in the CTO's ongoing battle to deter clubbers from congregating on the island and encourage families to return in greater numbers.
The CTO has contacted several agency networks about the business, which spent just less than £1 million in the UK last year. Bates, which launched a campaign for the CTO in April, will repitch for the business.
Media planning and buying was switched from Mediawise Partnership to Total Media just before a TV, press and radio drive.
Bates has held the CTO global account since October 1999, when it beat five other European agencies in a pitch for the business. The agency was tasked with establishing Cyprus as a premier tourist destination, distinct from the laddish Greek island destinations such as Faliraki.
However the campaign has been undermined by the rise of Ayia Napa and Cyprus' consequent reputation as a clubber's paradise. Police in Ayia Napa have reportedly taken a tougher line on drug use in recent months in a bid to deter the clubbers.
The CTO has also announced plans to cut the number of beds available on Cyprus and attempted to boost awareness of the country's architecture and culture.