The Aegis-owned agency Vizeum has been forced to resign the business owing to a conflict with Pernod Ricard. It picked up the £10 million business in March.
Freixenet spent £500,000 on UK press ads during the past 12 months, according to Nielsen Media Research.
Freixenet's marketing and sales director, Robin Campbell, is overseeing the review and a result is expected before the end of the month.
Freixenet called a global review of its £20 million creative business in June, pitching Leo Burnett London and the WPP-owned Spanish agency Delvico against one another.
Both have since been reappointed to the business and Leo Burnett has created a campaign for Freixenet's Cava and Ash Tree Estate, which will appear in the UK in January. Freixenet has yet to decide if the work will also run in other markets.