The new review is called Local Needs, Local Health and aims to find the best way to cater for the health needs of the population in north Surrey.
Further details about the review will be published at the end of August, a statement from the trust said.
But campaigners have warned that the hospital could be taken over by the private sector.
Geoff Martin, head of campaigns at pressure group Health Emergency said: ‘This time [the review] could see the Trust, or key chunks of it, handed over to the private sector. Our fight for decent, local health care services goes on.’