The brand has yet to decide whether it will back an existing global property or create its own concept.
Nokia has struggled to engage with its core market in contrast to rivals such as Sony Ericsson, which has several high-profile ties, including a £50m title sponsorship of the Women's Tennis Association.
It is understood that Nokia decided at its global marketing conference last month that it needed to re-engage with its target market, citing Sony Ericsson's Ibiza Rocks property as an example of the creation of a successful connection with a youth audience.
Nokia's plans follow Dean Taylor's recruitment to the new role of head of sponsorship in June, as part of a restructure led by marketing director Will Harris. Taylor moved from Sony Ericsson, where he was responsible for sponsorship.
Earlier this month, Nokia launched a 'Comes with music' free download service, which it hopes will appeal to the youth market.
Shares in Nokia fell by almost 10% last week, following the news that it was losing out to rivals in the global mobile handsets market.
