Asif said that Gen Raheel, who will retire on November 29, will send a list of the senior most general to Prime Minister Sharif.
Asif told Geo News that Pakistan's next army chief will be chosen by the prime minister.
"The prime minister will decide on a name after first consulting the COAS (General Raheel), colleagues and cabinet members."
According to Pakistani media reports, the four contenders are: Chief of General Staff Lt Gen Zubair Hayat, Multan Corps Commander Lt Gen Ishfaq Nadeem Ahmed, Bahawalpur Corps Commander Lt Gen Javed Iqbal Ramday and Inspector General Training and Evaluation Lt Gen Qamar Javed Bajwa.
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Earlier, Gen Raheel started his farewell visits beginning from Lahore, Inter Services Public Relations (ISPR) said in a statement.
He addressed a large gathering of soldiers of army and Rangers at Lahore Garrison.
The new army chief, whenever the name is finalised, will take charge on the same day.
Meanwhile, ahead of his retirement, Chairman Joint Chief of Staff Committee Gen Rashid Mahmood today met with Naval Chief Admiral Mohammad Zakaullah.
Gen Mahmood paid a farewell visit to the naval chief in Karachi, according to spokesman Pakistan Navy.