Two agencies have been shortlisted for the business. The incumbent, Interpublic Group's McCann-Erickson, will fight it out against Bartle Bogle Hegarty, also a Lever Faberge roster agency.
The review is in its early stages, with sources saying both agencies' New York offices have presented initial strategic ideas to the client.
Vaseline Intensive Care is the biggest spender of the skincare giant's three main brands, which also include the Petroleum Jelly and Intensive Care Dermacare range. In 2001, it was the tenth-fastest growing brand in the personal care market, according to Nielsen Media Research.
Last year a £1 million television and press campaign was launched for the Dermacare range through McCann-Erickson, which aimed to increase the brand's share of the £133 million hand and body care market.
Lever Faberge held more than 20 per cent of the sector in 2001, of which Vaseline accounted for 16 per cent.
The review does not extend to Vaseline's media and below-the-line arrangements, which are handled by Initiative Media and Claydon Heeley Jones Mason respectively.
Unilever plans to extend its Vaseline Intensive Care range into a line of beauty-themed products.
The market has recently been challenged by the launch of L'Oreal's Garnier range, which introduced a new brand, Body, last year.
Lever Faberge, McCann-Erickson and Bartle Bogle Hegarty were unavailable for comment as Campaign went to press.