"I remain optimistic that this series will take place because I firmly believe that playing regular bilateral series can help reduce the tensions in the relations between the two countries," Waqar said.
The former fast bowler said it was unfortunate for both teams that they had not played a Test match against each other since 2007.
"More than anything the fact that we have not played a test in the last eight years is really disappointing," he said.
"If the series doesn't take place it would be most unfortunate for cricket on a whole because everyone wants to watch an Indo-Pak match.
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"But I think this is the best chance now for both countries to resume bilateral cricket matches," he added.
Waqar also announced his availability to coach in the planned Pakistan Super League in Doha in February insisting that the cricket board must give maximum exposure to under-19 and under-23 players in the league.
"Such leagues have been held in other countries and they have benefitted from these events.
"We have seen how the Indian premier league has given India so much new talent so it is not just about players becoming financially strong but also about new players getting the required exposure at top level," he said.
The Pakistan coach returned to Lahore this week after spending time with his family in Sydney.
"It has been difficult for him after remodelling his bowling action and I think it will take some more time before he is effective again with his new action," Waqar said.