The financial services company is understood to have been through initial creds meetings and has shortlisted agencies, with pitches set to take place over the coming weeks.
Kaper, which handles the company’s retained ‘Priceless London’ account and looked after the Brits this year, is thought to be repitching.
The annual pop music awards are held by the The British Phonographic Industry and have been backed by MasterCard as the headline sponsor for the past 15 years.
This summer it launched The Priceless Remakes campaign, a competition allowing three cardholders the chance to remake a Rita Ora, Conor Maynard or Delilah video and have the video aired during the broadcasting of the Brits.
Highlights of this year's event, held at London's O2 Arena, included Emile Sande being crowned best British female solo artist and Mumford & Sons being awarded best British Group.
MasterCard and Kaper declined to comment.