The furniture specialist's media planning, buying and strategy for 25 markets is up for grabs, including the £9m business in the UK, currently held by MediaCom.
All of the UK's leading agencies have received an RFI (request for information) as the low-cost, flat-pack furniture specialist seeks to identify "potential improvement areas on all key value drivers", including media rates and planning.
The multi-market pitch process is being led by Ikea Group's category manager, Anders Bille, and business analyst Eija Nordkvist. It is not expected to conclude until mid-September.
The WPP agencies have held the homeware retailer's accounts since 2005, after winning a final pitch against Omnicom's OMD.
MediaCom services about 45% of the global media business, including the European markets of France, Spain, Denmark, Germany and Portugal. It also holds the account in Australia.
MEC is responsible for the remaining 55% of Ikea's media business, including Belgium, Finland, the Netherlands, Russia and Sweden in Europe, and Canada, the US and China further beyond.
Founded in 1943, the company turned over €21.2bn last year. The brand first entered the UK in 1987 with a store in Manchester. As of March, the chain has 296 stores in 36 countries across Europe, North America and Asia Pacific.
In the past six months, it has opened stores in European countries such as Austria, Belgium, Italy and France, as well in China and Japan.
Last year, Ikea opened its first US manufacturing plant to help reduce its transport costs, said to be the most expensive part of the business.