Emirates is reviewing its global media planning and buying account.
Havas Media has handled the brand since 2013, when it picked up the business from Starcom after a competitive pitch. At the time, Campaign reported that the account was worth $150m (£123m).
Boutros Boutros, divisional senior vice-president, corporate communications, marketing and brand, at Emirates, is running the process. Havas Media is understood to be involved.
Y&R London works on Emirates' above-the-line business. The agency created an ad last year that aimed to show the silly ways that passengers try to get a seat upgrade.
In May, Emirates reported a 44% year-on-year fall in profits to $631m for the year to 31 March.
Havas Media declined to comment. Emirates did not respond to Campaign’s request for comment at time of publication.