WCRS, now part of the Engine Group, won the BMW business in 1980.
Agencies have already been approached regarding the brief.
Earlier this month, the German-owned car marque became a tier-one sponsor of the 2012 Olympic Games.
BMW said it will use the sponsorship of the Games to focus attention on its most fuel efficient cars. The marque will also provide BMW bicycles for use by athletes and London 2012 staff in the Athletes Village.