Sources close to Younis said he was not happy at being demoted from category A to B while other players like Shahid Afridi, Mohammad Hafeez, Junaid Khan and Saeed Ajmal were given the top category with captain Misbah-ul-Haq.
"Obviously he is not happy with the situation and indications are he has not signed the contract as yet," one source told PTI.
PCB officials have justified the decision to demote Younis on the grounds that he was now just being selected for Test matches and has not been picked for ODIs since March, 2013 while he himself retired from T20 internationals in 2009.
"Younis remains one of our most valuable players and a key figure in the Test side. But whether he will be picked for the ODI side or not is something I can't answer. This should be asked to the chief selector," Zakir Khan a senior official of the PCB, who was also involved in finalising the list of central contracts.