The business is currently held by Universal McCann, but sources said the newspaper group is set to call a review in the coming weeks.
Universal has worked with the Telegraph Group for two years. It won the media buying business in a pitch against MediaCom, MediaVest Manchester and Manning Gottlieb OMD.
MindShare previously handled the business, but resigned it in 2003. This followed the Telegraph Group's decision to split planning and buying and move communications planning into Naked Inside, a joint venture between Clemmow Hornby Inge and Naked Communications.
The publisher reappointed Naked Inside to the communications planning brief last July, following a three-month period when the business was handled in-house.
The media review coincides with a challenging period for The Daily Telegraph.
In December, its circulation slipped below the 900,000 mark for the first time, less than three months after a relaunch.
Its sister title, The Sunday Telegraph, was recently redesigned under its editor, Sarah Sands. Changes to the format included the introduction of a women's magazine, called Stella.
A Telegraph Group statement denied that it was repitching its media buying account.