The company, which owns ale brands including Bombardier and Young's bitter and recently acquired the Courage brands from Scottish Courage, is expected to call a review by the end of July.
It uses Equinox Communications for Bombardier and Monkey Communications for Young's. Monkey recently planned and bought a £2 million outdoor campaign for Young's to run in major cities.
Sources say Wells and Young's is considering putting all of its brands into one agency.
Chris Lewis, the Wells and Young's marketing director, claimed: "There is no media pitch occurring at the moment, nor is there one being planned."
Wells and Young's was created last year when the London brewery Young's combined its operations with Charles Wells, based in Bedford.