The North Carolina-based retailer has invited a number of unnamed agencies to join the pitch with the incumbents, McCann Erickson Worldwide and Universal McCann.
The Lowe's accounts have been with the Interpublic agencies since 1999.
Lowe's is the US's second-largest home improvement chain after Home Depot and operates 535 stores across 38 states.
Universal McCann is currently defending its L'Oreal account and last year lost Nestle, worth $500 million. However, earlier this year it was successful in snaring the $300 million Intel business.