The Observatory is handling the pitch and Nando’s held an all-agency meeting with the five shortlisted agencies yesterday.
18 Feet & Rising picked up the account in April 2013, beating Creature, Krow and Now to win the business in a process that was also handled by The Observatory.
The review follows the arrival of Kev McFadyen, the former head of marcomms strategy and planning at O2, as the head of brand communications at Nando's UK in January.
It is understood that Nando’s is looking to refocus its marketing towards more of an editorially led strategy, refocusing on programmatic, social and content.
A Nando's spokeswoman said: "Both 18 Feet & Rising and Nando's have decided that now is the right time to warmly part company."
Havas Media, Nando’s media agency since 2011, when it was known as MPG, is not affected by the review.