"Pakistan is awaiting further details to reach a decision in this regard (join Saudi initiative)," Aziz told Parliament.
He said in a policy statement that Pakistan wants a political solution to the Yemen crisis.
Aziz said Pakistan would continue to follow the policy of non-interference in other countries.
The statement came after last week Foreign Ministry Spokesman Qazi Khalilullah said Pakistan welcomes the 34-state alliance and will join it.
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Iran, Iraq and Syria were not part of it, giving the impression that only Sunni countries were invited.
Analysts believe Pakistan with its sectarian fault-lines can ill afford any venture which is based on religious considerations.
Earlier, Aziz was asked by Chairman Senate about whether Pakistan was part of the 34-nation coalition and would it be involved in the crisis in Yemen.
Aziz said the details of the initiative were not known and no decision will be taken without it.