The COI is handling the review and is expected to announce a shortlist imminently.
The IPS looks after a wide range of Government public services such as the national ID card initiative, the passport service and the General Register Office (GRO).
It appointed Abbott Mead Vickers.BBDO as its long term strategic above the line advertising agency in March to work across its remit.
The IPS was created as an executive agency of the Home Office by joining the UK Passport Service and the Home Office’s identity cards programme two years ago.
It recently appointed former Lloyds TSB marketing head Alan Gilmour as director of marketing and customer insight. He is a former head of marketing for Lloyds TSB.
Work on Identity Cards rollout has been delayed until 2012 due to cost-cutting measures at the Home Office.