The AAR is drawing up a shortlist of agencies for the retailer, which spent £4 million on advertising in 2006.
The contract with the Danish agency RBLM, which has handled the company's UK advertising since 2005, ends in April.
Ikea has produced iconic campaigns since it launched in the UK in 1987. St Luke's worked on the account for many years, producing the "chuck out your chintz" slogan in the 90s.
Agency.com handles digital development for Ikea and has developed above-the-line advertising since it won the account last June.