David Pullan, five's director of strategy and marketing, has instructed the AAR to draw up a list of agencies to pitch for the planning and buying brief.
It is thought that this list will include Walker Media, which picked up the account from Carat without a pitch in 1998. Carat had worked on the five brief since the channel launched in 1996.
Pullan joined the channel from MTV Networks at the beginning of last year and, shortly after taking up his post, he kicked off a review of its creative account.
Walsh Trott Chick Smith, which had produced a range of controversial poster executions for five, including the 2001 "smiles", lost out to TBWA\London.
Pullan also oversaw last year's rebranding of the channel from Channel 5 to five as the channel moved firmly into the mainstream.
The redesign saw the on-screen colour bar disappear and the logo, the number 5 in a circle, dropped in favour of the word five drifting across the screen.
The redesign coincided with a revamped and more sophisticated schedule, which has met some critical acclaim, and resulted in increased audiences and ad revenues for the station. Following the changes, five was named last year's Campaign Medium of the Year.
TBWA\London's debut ad campaign centred on the revamped schedule, which included the film premieres of The Matrix and Saving Private Ryan.
Earlier this month, Pullan took up an expanded role at five. On top of his existing responsibilities for five's marketing output, he took on the responsibility for driving the channel's strategic development and finding ways to grow secondary revenue streams away from advertising sales.
Five is currently looking for a director of programmes following Kevin Lygo's defection to Channel 4.