A source familiar with discussions between the team and NFL told Mark Maske of the Washington Post that a name change is likely, and it "potentially" could take place prior to the 2020 season.
The review announcement comes one day after FedEx - which owns the naming rights to the franchise's stadium - asked the team to create a new nickname, and Nike removed all Redskins gear from its website.
"This process allows the team to take into account not only the proud tradition and history of the franchise, but also input from our alumni, the organization, sponsors, the National Football League, and the local community it is proud to represent on and off the field," owner Dan Snyder said in a statement.
Washington head coach Ron Rivera said, "This is an issue of personal importance to me and I look forward to working closely with Dan Snyder to make sure we continue the mission of honoring and supporting Native Americans and our military."
Nike's website won't feature the team's merchandise until the nickname is changed, a source told The Athletic's Rhiannon Walker. Nike reportedly anticipates the change will happen soon because of the time needed to make and distribute new jerseys.
Commissioner Roger Goodell stood by Washington's decision.
Snyder has been a longtime target of criticism over the club's name, which was highlighted recently by the social justice movement following the killing of George Floyd in police custody in May.
FedEx was one of three sponsors to receive a letter signed by 87 investment firms and shareholders asking them to cut ties with the team unless it changes its nickname. Frederick Smith, the founder of FedEx, is a minority owner of the club.