The pitch is being run from the UK through Creativebrief. Virgin Atlantic will contact agencies about the brief later this week and expects to complete the pitch by the end of August.
RKCR/Y&R, which has held Virgin Atlantic’s creative account for nearly 20 years, will repitch for the business.
Reuben Arnold, Virgin Atlantic’s director of brand and customer experience, said: "RKCR/Y&R has done a tremendous job for Virgin Atlantic over the course of the past 20 years, helping to create some of the industry’s most iconic advertising and take our brand to new levels right across the globe.
"But the world of marketing has changed significantly during that period and we operate in an increasingly competitive sector.
"As such, the time is right to review our options and to ensure we have the best resource in place to match our future needs and ambitions. We have asked RKCR/Y&R to be a part of that process and it will repitch."
Virgin Atlantic's decision to review the business follows British Airways recently handing its entire advertising and customer loyalty account to Bartle Bogle Hegarty after a six-month pitch process.
In June 2013, Virgin Atlantic appointed Naked as its global digital and consumer eCRM agency after a shoot-out against Rapp.