The five match series if permitted by the ICC would be the longest T20 bilateral series between two countries.
The ICC has already rejected a move by the Pakistan Cricket Board (PCB) to have a seven-match T20 series and asked them to take their proposal to the ICC chief executives meeting in Kuala Lumpur later this month.
An official in the PCB said that with UAE venues likely to be selected to stage the Pakistan-Australia series, it would be better to hold T20 matches rather than ODIs as those start late in the evening and could beat the hot and humid weather there.
"Both boards believe that the best way to deal with the hot and humid weather in August-September in the UAE is to play T20 matches, as those can start late and go into the night," the official said.
He also informed that Cricket Australia (CA) had shown its readiness to play five T20 matches as they also wanted their team to get preparation for the ICC T20 World Cup.
The PCB had sent its senior official, former Test captain and coach, Intikhab Alam to Kaula Lumpur and UAE to inspect and assess the ground and weather conditions as both are the possible neutral venues to stage the Australia series.