The retailer denied that it was holding a wholesale review of the business but that it was an element of the account. It is believed to include the MyWaitrose loyalty scheme, which was introduced in 2011.
The review is being handled by Ingenuity. There is no incumbent on the business.
The move follows disappointing results from Waitrose. Last month John Lewis Partnership, the parent company of Waitrose, announced that operating profits at the supermarket had fallen by 18% in the first six months of this year. It attributed the decline to "lower margin due to higher costs prices".
A Waitrose spokeswoman said: "We are not reviewing our CRM account but talking to a number of agencies about an additional, smaller marketing project. "