The supermarket chain is in the process of contacting agencies and is expected to draw up a shortlist of five to pitch for the business in four weeks' time.
Richard Hodgson, the marketing director for Waitrose is handling the pitch. The incumbents Miles Calcraft Briginshaw Duffy will repitch for the business.
The winning agency will be responsible for all of the supermarket's above-the-line communications.
A spokeswoman for Waitrose confirmed that the pitch was taking place.