The pitch, which is due to take place later this month, will be handled by Sandals' in-house marketing team and will take place in the Caribbean. The brief is thought to include mainly direct response, outdoor and TV advertising.
Sandals, which also owns the more family orientated holiday company Beaches, has approached several integrated agencies with a view to holding a pitch for the business.
It is unclear if the incumbent on the advertising account, DDB London, will be involved in the review.
DDB has held the Sandals account since the previous incumbent, Burkitt DDB, was rolled into the agency in January this year.
The account was originally held by the Omnicom-owned Griffin Bacal. Griffin Bacal was merged with the independent Court Burkitt to form Burkitt DDB in 2000.
Sandals, which specialises in romantic getaways to resorts such as Antigua, the Bahamas and Jamaica, will be looking to increase its marketing activity to back a planned $210 million expansion of the business.
A spokesperson for Sandals denied that a review was taking place.