The UK incumbent, BMP DDB, the German incumbent, Red Cell, the Japanese agency ADK and McCann-Erickson have been invited to pitch for the account.
At this stage, the review does not extend to include consolidation of Nikon's other European divisions, but Nikon is expected to centralise its entire European ad business, covering 13 countries, if the move proves successful.
In February, Nikon Europe appointed the digital agency AKQA to launch its Nikon CoolPix SQ digital camera across Europe.
In a break from its traditional advertising methods, BMP was tasked with developing above-the-line creative taken from a central theme developed by AKQA.
AKQA claims it is the first time Nikon has used an agency outside Japan to develop a campaign for a pan-European product launch.
BMP's most recent television campaign broke nationally last November.
The campaign, Nikon's only television work of the year, promoted the idea that certain truths remain constant over time and showed people using Nikon cameras to capture important moments.
Using the strapline "The future is more predictable than you think", Nikon's return to television aims to take digital photography to the mass market - traditionally, advertising has been concentrated on niche photographic press.
BMP won the UK above-the-line account in April 2000 and returned Nikon to TV for the first time in more than a decade.