But Shaharyar said he is still hopeful of the series taking place in December and would meet BCCI secretary Anurag Thakur in a week's time to decide on the fate of the rubber that is hanging in limbo in the wake of the current political tensions between the two countries.
"I received a reply from Thakur that we well meet in Dubai and we will probably decide what is to be done. The final decision of course lies with the Government of India," the PCB chairman told reporters after paying his last tribute to Jagmohan Dalmiya who passed away on September 20.
"If they don't honour it (MOU) for political reasons we have options open to us. We will suffer financial and other losses.
"Boycott is an extreme option but of course it's an option. I never used the term 'boycott', you people know me and I am not one to give warnings and threats. But it's surely a thing that if you don't accept your signed agreement then definitely I'll demand for compensation," he said, " adding, the series is an agreement but if it does not happen, it's a reasonable thing to demand compensation."
"Now we still have some hope that the series will take place. We will cross the bridge when it comes but I feel BCCI should honour the agreement," he said.
The BCCI secretary is likely to meet Shaharyar on the sidelines of the ICC meeting in Dubai from October 8-13.
India are scheduled to play two Tests and five ODIs and two T20Is in Pakistan's adopted home venue of UAE beginning in December.
The PCB chairman also said that he would give a reminder about the MOU to BCCI presidential candidate Shashank Manohar, who is likely to be elected at its SGM in Mumbai on October 4.
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