The company is looking to consolidate and create cost efficiencies where possible.
Omnicom's OMD holds Carlsberg's media account in a number of countries across the region.
A Carlsberg spokesman confirmed the longlist has already been selected and involves more than four major agency networks.
The pitch process is being led by Carlsberg senior vice-president, sales and marketing, Khalil Younes, who joined the company from Coca-Cola at the start of the year.
A source confirmed the media review is worth up to US$240 million in billings.
Carlsberg's spend has fallen in the past five years as it has switched spend from traditional TV ads into online and viral films.
The group out-performed the market to deliver a strong performance for the first six months of 2009, with strong cashflow growth, margin improvement and organic profit growth.
In July 2008, Carlsberg shifted its US$4.5 million media account from Carat to OMD in Malaysia without a pitch, a move that aligns OMD with Carlsberg globally.