PCB chairman Shaharyar Khan has tendered his resignation from his post citing "personal and health reasons" as the motivation having served in the role since 2014.
Shaharyar will stay on until after the ICC's annual conference in June to ensure that the interests of Pakistan are protected as the body seeks to restructure its constitution.
The 83-year-old chairman told reporters in Lahore: "I have taken the board in confidence and conveyed my decision that I will not continue after our mandate is ending on August 18.
"I will not continue after it as chairman or as in any other capacity and it's my decision on the basis of personal and health reasons. I have also written to the Patron of PCB who is Prime Minister that I am ready to resign and whenever he deems reasonable he can accept it. And thereafter whatever the legal process constituted, allow it to exercised to bring in my successor."
Head of PCB executive committee and PSL chairman Najam Sethi is favoured to take over from Shaharyar having already served in the role on an interim basis.
Sethi holds a position of tremendous influence and has been involved in a power struggle with Shaharyar over the last few years.
According to PCB constitution, a new chairman must be elected within 28 days of the previous one stepping down and the Prime Minister of Pakistan is likely to make the appointment in his capacity as patron of the cricket body.