A number of undisclosed agencies are being approached about the task.
Historically, Selfridges has used a portfolio of agencies on a project basis, but it is understood the store is now looking for greater consistency in its advertising message rather than relying on pulse activity.
It is believed the company will continue doing promotion-led work to be run in conjunction with an overarching branding campaign.
Selfridges uses a variety of agencies for its advertising. Karmarama created the Tokyo Life campaign, in conjunction with Naked Communications, which saw Selfridges turn Japanese and was subsequently awarded a gold for the best media campaign at last year's Campaign Media Awards. Karmarama also created its Bollywood campaign.
The retailer's contract publishing activity is handled by Wink Media, which produces the store's magazine three times a year. Wink also created a lingerie campaign for Selfridges' in-store windows 18 months ago.
Last month, Selfridges opened a store in Manchester, with the launch brief handled by the agency Dinosaur. That month, the retailer reported pre-tax profits of £16.7 million, up from £15.8 million a year earlier.
Media is unaffected by the creative review and continues to be handled by Starcom Motive.
No-one at Selfridges was available for comment as Campaign went to press.
Selfridges' 2003 promotion, to be called Body Craze, will launch next summer and will focus on all aspects of health.