Glenmorangie corporate communications manager Barbara Anne Nimmo said the decision to repitch the account came after staff changes within Weber Shandwick Square Mile.
The whisky giant, which is the UK's second most popular single malt brand behind Glenfiddich, originally retained the then Golin/Harris Ludgate two years ago.
But the agency has since been merged into the Weber Shandwick network, following the Interpublic Group's takeover of True North Communications and the consequent folding of BSMG Worldwide into the WS brand.
Nimmo said: 'There had been changes to the consultancy and the personnel and we thought it would be good to make sure Weber Shandwick Square Mile was still meeting the plc's needs from a financial PR perspective.'
The firm is expected to reach a decision on the pitch in the next two weeks, but declined to confirm which agencies WS was up against.
Glenmorangie, which is distilled on the shores of the Dornoch Firth in Scotland, has a market cap of £120m.
Nimmo said the successful agency would be tasked with targeting the media and investors, including potential, current and private backers.
'It's important that we communicate our messages to the business media and potential investors - we also want to look at anything we can do on the brand side from a financial PR point of view.
'We are a small company but like to punch above our weight in terms of PR,' she added.
The Glenmorangie distillery has 16 staff and produces 48 barrels of Scotch per day.