The drinks brand, which is owned by GlaxoSmithKline, has approached its roster agencies, Ogilvy & Mather and M&C Saatchi, about a rejuvenated strategy.
One possible outcome would be for Lucozade to hold a pitch for its entire £9.2 million business and roll it into a single agency.
Other GSK roster agencies, including Grey, could also be involved in the talks.
O&M handles the flagship £5.2 million Energy brand. M&C Saatchi won the £4 million brief for its Hydro Active and Sport products in 2003. Both have contracts that run until the end of 2006. A pitch would be held early next year in time for new work in 2007.
The review is not thought to affect MediaCom, GSK's media agency.
A GSK spokeswoman said: "We will be working with both our agencies over the next year. We have plans in place for 2006 but we are not sure beyond that."