The advertiser is understood to have visited agencies over the past few weeks to weigh up a shortlist to pitch for the business.
Defending the account for the agency looks like being the first major job for the incoming Universal McCann Europe, Middle East and Africa chief executive Graham Duff when he takes up his new position next week.
The review will concentrate primarily on the UK, Germany, France and the Nordic regions with the UK billings totalling £3.7m according to Nielsen Media Research.
Black & Decker has found itself facing increasingly stiff competition of late as non-branded and cheaper products challenge its market position. The company also faces strong competition from rivals Bosch, Makita and Hitachi.
The world's largest producer of power tools and accessories, Black & Decker also manufactures garden tools, workbenches and household items including irons and vacuums. Its products are marketed in over 100 countries globally.
It has recently placed an emphasis on pan-European activity. In June it upped its spend on direct marketing, appointing agency DS-J to execute a campaign across the EMEA region.
The company also employed online data company Mailtrack to implement a pan-European e-mail campaign last February to help increase its customer database across the region.
Neither Universal McCann or Black&Decker were available for comment regarding the review.