The brief, which Iris was awarded towards the end of 2014, focuses on BMW's technology and sustainable mobility strategy, as well as "driving desirability" for BMW and Mini in lifestyle media.
BMW Group general manager, communications, Piers Scott told PRWeek that company policy meant agency support was reviewed every three years.
Scott confirmed Iris had been invited to re-pitch for the business, saying: "BMW hopes to complete the process before the end of November."
Iris, which declined to add further comment, was established in 1999. Its current roster of clients includes Brita, Samsung, Superdry and Adidas.