QVC is understood to have shortlisted agencies for the UK consumer-facing retained brief.
Mischief was appointed to the account in February 2010, with one of the main remits including overhauling a "buy high, sell low" brand perception.
One well-placed agency source confirmed that the value of the work was "similar" to its £500,000 value in 2010.
He said: "There has been some brilliant work in past years when it comes to grabbing consumer attention but things have been quieter of late."
However, the source pointed to the recent departure of Remy Le Fevre, a key figure in handling the QVC account, as more likely to have played a role in the decision to pitch out the work.
Mischief declined to comment or confirm if it was repitching for the work.
Last year QVC's annual revenues were $5.6bn, a rise of three per cent on 2011.