Carat, OMD, Starcom and MindShare have made the shortlist for the account, which includes both owned brands, such as Ray- Ban and Vogue, and licensed brands, such as Versace, Donna Karan, Prada, Chanel and DKNY.
The Italy-based company, which operates in 120 countries, manufactures sunglasses and spectacles and also owns retail outlets such as Sunglass Hut.
The account, currently held by media specialist Bygraves Bushell Valladares & Sheldon in the UK, is presently worth less than £1m locally, according to Nielsen Media Research.
Media Week understands that the main territories covered by the pitch are the UK, Germany, France and Italy and the account is worth an estimated £30m to £40m in total.
Luxottica, which is listed on the New York Stock Exchange and the Italian exchange MTA, reported a net profit of E286.8mon the back of E3.2bn sales in 2004. The company, which is the market leader in North America and the Asia Pacific, has enjoyed a strong year in 2005 so far.