It is understood that the firm is searching for an agency to help promote its Bookatable.com brand to consumers, while also servicing a corporate and public affairs brief.
The company held chemistry meetings before Christmas and plans to shortlist agencies during the next month.
Incumbent Brands2life is repitching for the account, thought to be worth more than £100,000 a year.
Brands2Life founder Giles Fraser told PRWeek: 'We have a great relationship with the client and have produced some great results. We very much hope to still be working with Livebookings.'
Brands2Life won the account in 2009. Its initial brief was to raise the profile of Livebookings within the hospitality industry and promote the opportunities in online marketing and reservations.
However, Livebookings' requirements are understood to have changed as it faces increased competition in the online restaurant reservation industry from sites such as Urbanspoon and OpenTable.
Last week, Livebookings' consumer-facing website Bookatable.com partnered with MasterCard on its 'Priceless London' programme.
The partnership will see Bookatable.com offer MasterCard cardholders exclusive offers for London restaurants.