The review is part of a global re-evaluation of Nokia's marketing assignments. The UK ad business is worth around £14m, according to Nielsen Media Research.
Last year, Nokia announced that it was review of all its global advertising business, estimated to be worth £175m.
Grey holds most of the Nokia account working on three of Nokia's four divisions: mobile phones; enterprise solutions; and networks.
Last week, Nokia announced it was to review its global below-the-line marketing account to support a new brand positioning. The Finnish company has already issued a number of UK direct marketing agencies with a tender to handle its pan-European point-of-sale account and hopes to appoint a creative agency with retail speciality.
MediaCom holds the bulk of Nokia's media business and recently added the Asia-Pacific region to its European responsibilities after the mobile phone giant consolidated its buying activity.
For the full story see Tuesday's Marketing.
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