"Afrdi was offered 50,000 dollars for the contract but he rejected it pointing out that initially the same franchise had offered him USD 150,000 and he would not accept less now," a source close to Afridi said.
St. Lucia franchise had approached Afridi to play for them in the inaugural edition after losing an overseas signing due to injury.
"Afridi's contention was that when the initial offer was made to him he turned it down because he had a three year contract with the Sri Lankan Premier league which is not being held this year," he said.
Afridi is currently part of the Pakistani team who is playing West Indies in a limited-overs series.
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Afridi has hit form on the tour and was man of the match in the first ODI and also in the first T20 international played yesterday.
The franchise after failing in its negotiations with Afridi then offered the same amount to Pakistan captain, Misbah-ul-Haq who accepted it and will play in the inaugural Caribbean League.
"Misbah was an obvious second choice because of his recent form although ironically the Pakistani selectors don't consider him for T20 cricket now," the source said.
Icon players Malik and Hafeez are reportedly being paid USD 150,000 each by their franchises.
The league will be played from July 30 to August 24.