The decision was announced by the PSL Chairman, Najam Sethi in Dubai after a meeting with the franchise owners.
A PCB statement stated the team owners reinforced their solidarity and conviction with the decision of taking the final to Lahore.
"It has been heart-warming to see the dedication of all the owners to the cause of taking cricket back home and there is a realisation that this final will be the first step in opening the gates to international teams starting to make the journey again. We are all committed to this mission and wish to have a thoroughly entertaining final where it should happen - in Lahore," Sethi said after the meeting.
In case none of the foreign players presently in the PSL want to travel to Lahore the PCB will hold another players draft on February 25 with a back up list of players to give franchises the chance to reinforce their teams.
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According to Sethi the back up list includes many of those players who have shown consent to play in Lahore but the list is short on quality and big names.
Others in the list include, Sachitra Senanayake, Seekuge Prasanna, Jeevan Mendis, Alex Wakely, Joshua Cobb, Nikhil Dutta, Azeem Rafiq, Danza Hyatt, Krishmar Santokie, Tino Best, Phil Mustard, Fidel Edwards, Elton Chigumbura, Max Waller, Peter Trego, Darren Stevens, Richard Levi, Miguel Cummins, Asghar Stanikzai, Dawlat Zardan, Nawroz Mangal, Farveez Maharoof, Kusal Mendis, Steve Taylor, Yasir Arafat, Rayad Emrit, Jade Dernbach, Owais Shah, Azharullah and Soumaya Sarkar.
There have also been a series of other terrorist attacks in Peshawar and tribal agencies, prompting the Pakistan government and security agencies along with army to initiate a crackdown on militants and banned outfits.