Seven undisclosed agencies have been approached by the Pentland Brands-owned company and asked to make initial submissions. A shortlist of four shops will then be drawn up to pitch for the business. Speedo's marketing team is handling the search in-house.
The successful agency will be briefed to create an online community for UK swimmers. The social networking site will provide swimming enthusiasts and semi-professionals with tools and information about the sport.
It is understood that the brief will also include supplementary online advertising to drive consumers to the site.
The news follows the appointment of the digital agency Design UK in July to develop a global brand site to raise awareness of Speedo ahead of the 2008 Beijing Olympics.
The web development project includes the creation of a global online community as well as e-commerce solutions.