The electronics giant has approached a number of undisclosed agencies to pitch for the brief. A result is expected in January.
The successful agency will take on pan-European advertising for HP's consumer products, including laptops, PCs and other computer products. It is understood that HP has not yet decided whether to assign the pan-European account, or whether to roll the business into one of its global agencies, BBDO or Publicis.
The review comes just one month after the electronics company called a pitch for its £150 million global media planning and buying account, which is held by ZenithOptimedia.
The HP advertising account is currently split between a number of agencies on a regional basis, including McCann Erickson, Publicis and BBDO.
BBDO was handed the £100 million global advertising account for HP's imaging and printing products in April this year, while Publicis, the previous incumbent on that account, retained the EMEA direct marketing business for HP in May.