 Ashraf only became PCB chairman in October |
Musharraf has asked Nasim Ashraf to try and rebuild the national side.
"Ashraf has been boosted with the confidence shown in him by the president," said PCB spokesman Aamir Bilal on Friday.
"He will announce a short and long term rebuilding plan for Pakistan cricket on Saturday," added Bilal.
Ashraf submitted his resignation last week after Pakistan were eliminated from the World Cup following their shock defeat by Ireland.
Pakistan's tournament took a tragic turn when coach Bob Woolmer was murdered the day after the Ireland defeat.
Since 1999, the President of Pakistan has appointed the PCB chairman in his capacity as chief patron of the board.
Ashraf replaced retired diplomat Shaharyar Khan last October.
He faced a crisis soon after taking charge when fast bowlers Shoaib Akhtar and Mohammad Asif tested positive for a banned steroid in drugs tests conducted by the board.
They were banned but subsequently cleared on appeal.
The PCB is expected to announce a new captain and coach next week after taking stock of the World Cup performances.
Inzamam-ul-Haq announced his retirement from one-day internationals and relinquished the captaincy after Pakistan lost to Ireland.
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