"I met with Misbah in Dubai and had a long talk with him. He asked to be given 10 to 15 days time to ponder over his future plans and we think he should also weigh in all pros and cons before deciding on his retirement," Shaharyar said.
Khan said there was no doubt in the mind of the board that Misbah had been a successful captain and if he wanted to carry on playing the board would like to see him playing as captain.
Shaharyar however indicated that if Misbah decided to retire than the board would have one captain for all three formats.
"If Misbah is not available than we would prefer to have one captain for all formats," he added.
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Khan's statement is a clear indicator that wicketkeeper-batsman Sarfaraz Ahmad would also be appointed Test captain as he is already captain of the one-day and T20 sides.
Sarfaraz, who leads the Quetta Gladiators team in the Pakistan Super League, was named captain of the ODI squad on the day the PSL started after Azhar Ali stepped down as ODI captain and vice captain of the test side.
Shaharyar met with Misbah, Inzamam, Arthur and Sarfaraz last week in Dubai to discuss the future course of action for Pakistan cricket.
Misbah, 42, is Pakistan's most successful Test captain but he had a poor run in New Zealand and Australia where the national team lost all five Tests and Misbah himself struggled to get runs with the bat.