Party officials are currently sending out pre-qualification questionaires to 34 selected agencies, to gather details including environmental policies and existing client lists.
They expect to send detailed tender documents at the end of this month, before drawing up a shortlist in March and announcing the winning agency in April.
An unnamed consultant with industry experience has been drafted in to assist with the process.
The successful agency will be appointed for a four-year period, starting later this year in preparation for the Party's 2011 Spring Forum.
Conservative Party commercial director Scott Seaman-Digby said: "We expected between ten and 20 submissions, so we were astonished to receive almost 50. We are quite flattered and excited to hear from such a broad spectrum of agencies.
"What we're looking for is an agency with the competence to run our conferences as well as they have been run recently, and bring innovation and ideas to further enhance the delegate experience, as well as identifying new sources of conference revenue."
Seaman-Digby said he was aiming to build upon the success of the 2009 conference in Manchester, which included spin-off events such as a pub quiz and roller disco, plus a retail area with Marks & Spencer and Harvey Nichols outlets.
He added: "Our ambition is to provide a more sociable delegate experience and encourage delegates to got out and see more of the host city."