PRWeek understands that PepsiCo will announce which agency has won the account next week.
In January, Headland was handed PepsiCo's UK corporate account, following a pitch. The work had previously been managed by Freuds for over a decade.
PepsiCo confirmed that it is reviewing its consumer PR account.
The company's brands include Pepsi itself, Tropicana, Walkers and Doritos.