The global delivery service, which currently works with Wunderman in the UK, has approached agencies to pitch for the business over the next month.
FedEx has also worked with CWA on its below-the-line activity and VCCP and Abbott Mead Vickers BBDO on its pan-European advertising business. BBDO Worldwide is the delivery service's global ad agency.
Earlier this year, FedEx launched a global advertising campaign to emphasise its commitment to sustainable deliveries around the world. The campaign, "FedEx delivers to a changing world", was created by BBDO Worldwide and ran across print and online for four months.
The DM review comes as FedEx looks to increase its marketing presence after cutting its marketing budgets by 25 per cent last year as it struggled with the weakened US economy.
The company disclosed that its television adspend had hit its lowest levels for more than three years and announced that it would not advertise during the Super Bowl in the US.
At the beginning of last year, FedEx's chief executive, Fred Smith, took a voluntary 20 per cent salary reduction.