A spokesman for the company confirmed that a review was taking place. He said the incumbent, The Media Shop, had been invited to defend the account against two undisclosed agencies.
The review is part of a wider brand strategy review aimed at increasing the brand's sales in the on-trade. Cobra is looking to increase distribution of its bottled and draught varieties in pubs and bars.
Last year, the brand, which was founded in 1989 by Karan Bilimoria, spent £1.3 million on advertising, according to Nielsen Media Research.
Its most-recent high-profile work was a £10 million campaign, created by Joshua, which broke in 2006. The activity, which used the strapline "Unusual thing, excellence", positioned the lager as more than an accompaniment to an Indian meal.
The activity ran across TV, press, outdoor, online, radio and point of sale.
The Media Shop was appointed in 2000. Joshua, Cobra's advertising agency, is unaffected by the review.