The pitch, between a number of UK and European advertising agencies, is being overseen by Tag Heuer's international marketing director, Thierry Huorn.
The incumbent is the Geneva-based advertising agency, Holistic Communications.
The watch brand's advertising has a long-running association with celebrities. In January 2005, Tag Heuer launched a £15 million ad campaign fronted by actors Brad Pitt and Uma Thurman, then Formula One driver Juan Pablo Montoya and tennis star Maria Sharapova.
The campaign used the strapline "what are you made of?", and aimed to extend TAG Heuer's marketing credentials in the entertainment sector.
Recent deals have seen the brand gain visibility through product placement in films such as Collateral and Closer.
In December 2004, Sharapova signed a three-year deal with TAG Heuer thought to be worth £500,000 a year.
LVMH, Tag Heuer's parent company, last month posted a six-month profit increase of 46 per cent as net income rose to EUR817 million from EUR559 million a year earlier.
Tag Heuer declined to comment on the review.