It is understood that the toy retailer is currently in the process of compiling a shortlist of agencies.
In 2004, Toys 'R' Us consolidated its global $125 million (£63.3 million) media account into WPP's Group M.
Previously, the business was handled by Publicis Groupe's Starcom and Tapestry.
Earlier this month, the online subsidiary of Toys 'R' Us won a legal action against the online retailer Amazon, for breach of an exclusivity agreement.
Toys 'R' Us sued Amazon in May 2004, alleging that Amazon had broken an agreement stipulating that Toysrus.com would be the only authorised vendor of toys and babycare products on the Amazon platform. The agreement has now been terminated.
Toys 'R' Us denied a review was taking place.