As recently revealed by prweek.com (24 April), the seven-figure PR brief is aimed at building awareness of the world's fourth biggest telecoms company.
Sources close to the pitch process revealed that seven agencies participated in the first round of the review. Burson-Marsteller, Text 100, Ketchum, MS&L and Edelman are all believed to be in the frame.
Telefonica is well known in Spain but is particularly interested in building its profile in the UK, the US and Germany.
The Telefonica global PR review took place in New York.