O2 confirmed that it had undertaken a review but was not in a position to tell the outcome. Williams Lea also declined to comment.
The incumbent supplier is Knapp Goodwin, based in Brentford, west London. It is unclear what effect a deal with Williams Lea would have on its relationship with O2. The firm also declined to comment.
O2 has saved 1m on print expenditure in a year using Knapp Goodwin to manage its print requirements, according to a testimonial on Knapp Goodwins website.
Williams Lea has already won major print management contracts with HBOS, Castrol, HFC Bank and the NSPCC this year.