The company, which owns the Clinique, Aveda and Aramis brands, currently allocates its media on a market-by-market basis. It is thought the it is considering aligning its media accounts globally into one agency network.
Estee Lauder's current agencies include Omnicom's M2M in the UK, WPP's MindShare in a number of European markets and Maxus in the US.
The beauty giant is understood to have already entered into discussions with a number of agency groups including Omnicom and WPP's Group M.
The review is being led by Estee Lauder's head office in New York, which will also be responsible for running the pitch.
The UK account is worth £6.5 million. It includes the Estee Lauder make up, skincare, suncare and fragrance brands, as well as Aramis, the cosmetics brands Prescriptives, Mac, Bobbi Brown and Stila and fragrance brands Tommy Hilfiger, DKNY, Bobbi Brown and Michael Kors.