The review focuses on seven markets in Europe, the Middle East and Africa, as well as Australia, New Zealand and Thailand. The US business is unaffected by the review.
The move comes after the company offloaded its European personal care business in the past six months to focus on its core food brands.
Sara Lee has approached a number of agencies ahead of a pitch, inviting RFIs to be received in the coming week.
In the UK, the only remaining Sara Lee brand is the coffee range Douwe Egberts. Manning Gottlieb OMD is the incumbent on the estimated £2 million account.
Internationally, Sara Lee brands include the frozen dessert Bon Gateaux and the coffee range Chat Noir.
OMD has handled Sara Lee's consolidated media account in Europe since 2006, after the business had previously been split among local agencies. A review in 2004 saw Sara Lee consolidate its £125 million US account into Publicis Groupe's Starcom.
In December, Unilever acquired Sara Lee's £1 billion European body care business. And in January, it sold its international shoe business to SC Johnson for £205.7million.