Lowe will continue to handle Stella Artois's main 5% brand globally and in the UK, with new work expected in August.
Stella Artois is expected to reach a decision about the 4% variant within the next few weeks.
InBev launched a poster and digital ad campaign for Stella Artois in April, which aimed to build on last year's "Pass on something good" campaign.
One ad featured a chalice glass in the centre of an arctic surrounding, featuring penguins, icebergs and wooden kegs dated 1366 that symbolise the brand's chilled positioning and brewing heritage.
In March, Stella Artois decided to end its sponsorship of the pre-Wimbledon grass court Artois Championships, following 30 years of backing the Queen's Club event.
InBev was unavailable for comment.