The pitch process is being managed by ISBA's director of consultancy and best practice, Debbie Morrison, and will include 20- year incumbent Vizeum. Other agencies to have submitted creds for the review include Mindshare, ZenithOptimedia, Carat and PHD.
Molson Coors confirmed the review, adding that annual media billings for the account will be worth £15m a year.
It comes as Simon Davies, marketing director of Molson Coors, is set to leave the company in September to start his own agency.
Earlier this month, Davies told Media Week when looking for an agency he believed "the capability of key individuals is more important than the client list of the agency itself".
Nicola Young, director of Insight and communications at Molson Coors, called the strategic review "normal practice" to ensure the company had "the best fit" for its requirements in a changing alcohol and media landscape.
Molson Coors was also keen to highlight that reduction of costs is not a key driver of the market review.
In the 12 months to 31 May, Molson Coors spent £11.6m on media according to The Nielsen Company, the bulk of which went on outdoor (£5m), followed by TV (£4.2m) and cinema (£1.7m).