The process, initiated by the Newspaper Publishers Association, includes a formal Request for Proposals, to be published on 31 October.
Research and data analytics providers will be invited to bid to supply a new multi-platform measurement system for newspaper and consumer magazine brands.
The deadline for submissions is 5 December 2014. The new system will undergo trials from mid-2015.
The RFP process is being managed by specialist media consultancy, Mediatique Limited, with guidance from an advisory group.
The group is made up of the NPA and representatives of industry bodies, the IPA, ISBA and PPA and is chaired by Jed Glanvill, the former chief executive of Mindshare.
Alongside the new measurement approach, the current governance and structure model will also be considered part of the overall review.
Rufus Olins, the chief executive of Newsworks, said: "The RFP process will be rigorous, objective, inclusive and fair.
"All stakeholders have agreed that the measurement system for published media and their digital variants has not sufficiently evolved to account for an increasingly multi-platform environment.
"We are seeking to establish a new measurement system for published media in the UK, capable of tracking readership and usage across multiple platforms and securing consistent measures of engagement applicable across the industry."
The National Readership Survey currently provides audience measurement data for both magazine and newspaper publishers.