The pitch is being handled by ISBA. The company is drawing up a shortlist and has approached a number of leading London ad agencies.
Tate & Lyle Light is currently being trialled in Sainsbury's. The product has 33 per cent fewer calories than sugar. It can be used in drinks and for cooking and baking as a lower calorie alternative to sugar.
The low-calorie product comes on the heels of the launch of rival SilverSpoon Light in September.
SilverSpoon Light, which has 25 per cent fewer calories, rolled out in September with a campaign by Walsh Trott Chick Smith featuring overweight US rappers taking traditional English tea in a country house.
Tate & Lyle's best-remembered advertising was the WCRS-produced "Smile, it's Tate and Lyle" campaign featuring the chef Gary Rhodes.
The campaign, which was introduced in 1995, ran until 1999 when the agency split with the company.
After lying dormant for two years, the account moved to the Leeds-based Charles Walls Group in 2001. But it moved again to Home, another Leeds agency, in 2002.