"The idea is to showcase the positive side of Pakistan cricket and its talent on annual basis and utilise the awards ceremony to invite foreign guests as well," a source said.
He said PCB was keen to resume international cricket in Pakistan and believed one way towards this was to have dignitaries from the ICC and other boards attending the PCB awards ceremony.
"The board wants to organise its ceremony on a grand scale with cash prizes being awarded in different categories similar to the ones in the ICC awards," the source added.
He pointed out that the PCB already had a system in place to offer financial incentives and bonuses to players who excel individually.
"They already give financial incentives to players for scoring a century, half century, taking five or four wickets, catches in different formats of the game," he said.
"Companies have been invited to submit details of their concepts for such a ceremony," added another source.
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He said the board also expected to generate some income from its annual awards as it would sell the broadcasting rights and other rights of the ceremony to a successful bidder.
"PCB chief Zaka Ashraf is keen to hold high-profile cricket activities in the country at a time when international teams are not touring Pakistan because of security concerns. He feels this would be a good way to present the soft image of Pakistan and its cricket," he said.