"We are having a look at it as we are in the process of studying suitable venues to host the series after Sri Lanka withdrew its offer to host the series for us in August," a PCB official said.
Pakistan is due to play a series of five ODIs and three T20 matches in the series, scheduled to begin from mid-August.
As expected the Australians have refused to play in Pakistan because of security reasons.
Cricket Sri Lanka initially offered to host the series for Pakistan but than withdrew after the dates for the Sri Lankan Premier League were finalised.
The PCB official said that the main criteria for finalising a suitable venue for the series was one that was cost effective for the board.
The 'Express' newspaper quoted a Cricket Australia official as saying that Australia was ready to host the series as some of its venue were suitable for international cricket in August and September.
"We were ready to play the series in Sri Lanka as it would have served us well keeping in mind that the ICC T20 World Cup is to be held in Sri Lanka this year. Pakistan is still the host and we're relying on it to find us a venue," CA Public Affairs GM Peter Young said. More