The review will see Heinz's roster agencies - Leo Burnett, WCRS and Beattie McGuinness Bungay - compete in a winner-takes-all pitch for the £8 million combined account.
The pitch is slated to kick off in early August once Suzanne Douglas, Heinz's incoming chief marketing officer, takes up her new position.
A Heinz spokesman said: "We are considering a review, but the timing and scope will be agreed when Douglas joins, towards the middle of next month."
A source close to the account said the attempt to rationalise the roster was part of cost-cutting measures at Heinz, which is culling 8 per cent of its global workforce.
Leo Burnett handles the Heinz Baked Beanz and tinned-food lines; WCRS is the agency of record for the company's soups and baby foods brands; BMB holds the sauces and dressings account.
The review will not affect BMB's position on its HP account. Heinz bought HP from Danone in July 2005.
WCRS picked up the soups and baby foods businesses from Leo Burnett in June last year. Burnett's grip on the business was further weakened in April when it lost the sauces and dressings to BMB.
Media, which is handled by Vizeum, is not affected.