A shortlist of agencies has now been selected after an RFP was sent out in recent weeks for the retained brief, which is understood to be currently held by Juicy Communications.
Don McDougall, who is regional manager for Europe for the Cayman Islands Department of Tourism, said the work would cover the UK and possibly in Europe.
'We're positioning it for people looking for a new destination in the Caribbean, and we're putting ourselves against other islands beyond the Caribbean, such as the Seychelles and Mauritius,' he added.
'While we will be targeting a clientele that can afford the destination, we will also be focusing on other, more niche opportunities, including diving and bird watching.'
The West Caribbean island's Port Authority has reported a decline in cruise passenger numbers year-on-year since February, with July's figures of 66,874 down 27.4 per cent on the same time in 2012.
The closed process, taking place because of a legal requirement, is expected to conclude by the end of September.