The worldwide contest is centred on the website www.ideabounty.com, which acts as an online community for creatives.
Interested parties will be able to register on the site to receive a brief from 28 August. The closing date for entries is 23 October.
The originator of the winning idea, which will be announced in November, will receive what Unilever is calling a "bounty" of $10,000 and see their concept turned into a global ad campaign, set to break initially in the UK, with the help of Smartworks.
The idea will centre on the "Animal" character that was originally devised by Lowe.
Unilever intends to pitch out all further briefs for the Peperami brand in this way and has no plans to appoint a retained ad agency.