The Italy review, for which Masterfoods has invited roster and non-roster agencies to pitch, is being run on a local basis, but agency sources said Masterfoods is also reconsidering its agency arrangements in "multiple markets". The company spends £250 million on advertising across Europe.
Masterfoods is said to have made initial approaches to networks, but has not made it clear which markets will form part of the review.
One outcome of the review could be a consolidation of Masterfoods' agency arrangements in individual markets - it uses several agencies in the region and more than one agency in some key markets. These include MediaCom and ZenithOptimedia.
In the UK, ZenithOptimedia handles buying and MediaCom handles planning on the £63 million business.
Julie Steward, the European media manager of Masterfoods, was unavailable for comment.