The committee has approached both below-the-line and design agencies with a view to holding a pitch for the business. The process is being handled directly by LOCOG's marketing team.
The four-year contract will include traditional DM, outdoor and digital communications aimed at informing the public about Olympic events.
It is understood that all the marketing materials will carry the new Olympic logo. The logo, which was created by Wolff Olins, was designed to connect with young people, but it has been met with widespread criticism in the media since it was unveiled in June.