The Unilever-owned consumer brand will part ways with Matthew Freud's agency once the current campaign for new scent 'Excite' is completed in the coming months.
The split is believed to be the result of a disagreement over money, with Freuds known to charge high client fees.
Lynx marketing services director Rachel Bristow said: 'As a business, return on marketing investment is one of our key priorities and we continue to scrutinise our marketing spend and agency partners.
'We have reviewed brand PR and taken steps to consolidate and pitch a number of accounts, including Lynx.'
Bristow added that Freuds had declined to repitch. It is understood the split occurred when Freuds presented ideas for this year's Lynx campaigns for which the brand was not prepared to pay.
One source said: 'They can't agree on money. They have had some changes and are not able to keep up with Freuds.'
Lynx has so far been in discussion with Unilever roster agencies about the brief.
Unilever's £92m global PR roster includes GolinHarris, Fleishman-Hillard, Salt, Icon and Cake Group. It is not known how much the new brief is worth. Freuds declined to comment. Its recent campaigns for the brand included a 'Keeping Keeley' interactive film featuring page three girl Keeley Hazell, plus a series of 'Wingman' virals starring comedian Russell Kane.
Unilever recently enlisted Lucre Social to carry out a 'fishing exercise' using social media to find out what consumers thought of some of its key brands. The FMCG giant asked the consultancy to track online opinion about Unilever spreadables.
Unilever's PR activity is overseen by senior vice-president of global comms Sue Garrard.
Named Axe outside the UK, Lynx's product range includes deodorants and shower gels. According to 2009 figures from Mintel, Lynx has a 20 per cent share of the UK market, second only to sister Unilever brand Sure (21 per cent).