The company's media is handled by agencies on a market-by-market basis. It is thought that the cosmetics giant, which owns the Clinique, Aveda and Aramis brands, is considering aligning its media accounts globally into one agency network.
Its agencies include Omnicom's M2M in the UK, WPP's MindShare in some European markets and Maxus in the US.
The company 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.