The body, along with the Marketing Communications Consultants Association and the Institute of Practitioners in Advertising, has hired Boleat Consulting to produce an independent report on the possibility of a merger.
Boleat is tasked with analysing possible ways the groups can move closer, including the creation of a single marketing services association, a federation of bodies or retaining the status quo but having better co-operation on specific projects.
Also under scrutiny will be the structure and activities of each trade body and their respective industries.
It is expected that the report will be delivered by the end of November to a steering committee, including the heads of all three trade bodies.
PRCA chairman Graham Lancaster said: 'Public relations consultancies face similar issues as advertising, media, direct marketing and customer relationship management bodies. It makes sense to look at synergies with our trade bodies.'