Disney wants to revive the career of the amiable green amphibian and his friends, and is hunting an agency for a 'brand relaunch'.
The Muppets Wizard of Oz film will premiere in the US next week and later this year in the UK. Spin-off products are planned.
Disney bought the Muppets franchise from the Jim Henson Company last year, establishing The Muppets Holding Company as a subsidiary.
Four agencies are likely to pitch. A shortlist and fees are yet to be decided.