Arena, which is owned by Havas, is the incumbent. It won the business in 2004 when it was known as BLM, fighting off competition from three other agencies.
Haystack is running the pitch process.
Haven launched a TV ad created by Souk in December last year showing families having fun at one of its 35 holiday parks across England, Scotland and Wales.
The company is part of Bourne Leisure, which also owns Warner Leisure Hotels and Butlins. Bourne Leisure was established in 1964 and claims to be the biggest privately owned holiday operator in the UK.
A spokesman for Haven confirmed the review. He said: "We have not reviewed our media account for some time and, as our media needs are changing, felt this was an appropriate time to review the market."