The statutory reviews will also include work for the Greater London Authority and its services such as the London Fire Brigade, the Met Police and the London Legacy Development Corporation.
There will be two creative reviews, one for TfL and one for the GLA. Agencies are invited to pitch for either or both. The media planning and buying review will incorporate all GLA bodies including TfL.
It is the first time TfL has reviewed its media and creative businesses simultaneously. The process is being run by the AAR.
MEC is the incumbent media agency on the TfL account, and M&C Saatchi works on its creative business.
Chris Macleod, the marketing director at TfL, said agencies should be appointed by early 2016.
He said: "We are looking for some degree of synergy or integration for the TfL contracts, and for people to be imaginative on how to respond to the brief.
"It’s a big opportunity for agencies."
Earlier this month Campaign reported TfL was set to appoint JCDecaux to handle the £500 million business for its street furniture in a move that would shake up the outdoor ad industry.