The film distributor, owned by News Corporation, is in talks with its roster agencies and has contacted at least one non-roster network regarding contesting the business.
It currently uses different agencies in local markets but is looking at the possibility of moving the business into one or more networks.
Starcom MediaVest handles Fox's £27 million UK media account, while OMD Europe oversees planning and buying in several markets, including Germany.
The marketing director of Twentieth Century Fox in the UK, Kieron Breen, denied that the UK account was being reviewed.
He said: "Each territory uses local media agencies. We use MediaVest and have done so for some time. There is no intention to change this."
However, agency sources said that Twentieth Century Fox executives at an international level have already met with agencies ahead of a pitch for a consolidated account.
The company is said to be considering involving every European market but details are still unclear.
Twentieth Century Fox's decision to review follows similar moves by its rivals - United International Pictures is currently reviewing its UK media account and Pathe recently moved its UK account from Carat to BLM Media.
Twentieth Century Fox has backed more than 20 UK releases with advertising in the past year. It spent the most on the James Bond film Die Another Day, Road to Perdition starring Tom Hanks and Ben Affleck's Daredevil.
Its latest release is The League of Extraordinary Gentlemen.