The UK media account, which is held by Starcom, is worth £6m.
It is understood that the review is part of a rationalisation process at LG, which is seeking to slim down its agency roster.
The electronics giant is already reviewing its global creative account. Several agencies including Bartle Bogle Hegarty, DDB London and TBWA\London are pitching for the business.
A spokesman for LG confirmed the creative review but added: 'We have not confirmed any specific plans for the media planning and buying account at this stage.'
Last month, LG appointed Agency.com as the lead creative agency for its digital display division.
The company has also begun a global below-the-line review of its home entertainment marketing brief (Marketing, 18 July).