The agency was appointed to the account, which was previously serviced by the now-defunct Bates UK, following a final shoot-out against BDH\TBWA.
Abbott Mead Vickers BBDO was knocked out of the running when the pitch moved into its second stage.
Hoover is expected to make an announcement on the future of the entire pan-European account within the next ten days, with RKCR/Y&R strongly tipped to scoop the business.
Franko Lualdi, the communications director at Hoover Candy Group, who has been overseeing the pitch, said: "We chose RKCR/Y&R because the agency presented us with the correct evolution of the position we want to take on our endline: 'Generation future.'
"It was also able to express in a precise and clear way the benefits of our new product."
The Hoover business, which has been dormant in recent months, was thought to be heading to J. Walter Thompson after the agency absorbed the majority of the fall-out from the closure of Bates.
But a review was called in the summer in a bid to inject new life into the brand, which has suffered in the British market because of the success of its arch-rival in the vacuum cleaner market, Dyson.
Hoover now hopes to overthrow Dyson's hold on sales with its latest up-right, state-of-the-art model, which will be launched later this year.
Jim Kelly, RKCR/Y&R's chief executive, said: "Hoover is still the definitive vacuum cleaner brand and this new model will be the one against which all others are judged."