Rashid caused a stir in Pakistan's cricket circles when he turned down the offer from the board to take over as chief selector.
A reliable source familiar with the issue told PTI that Sethi had asked former captain, Moin Khan to meet with Rashid and convince him to change his mind and also meet with him (Sethi) on Monday in Lahore.
"But apparently Moin's efforts to convince Rashid to meet with Sethi and reconsider his earlier decision to not become chief selector have failed because the former captain has reiterated he is no longer interested in becoming the chief selector," the source confirmed.
The source disclosed that even Sethi had given up hope on Rashid joining as chief selector.
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"At a meeting held on Friday where Rashid's issue was discussed even Sethi said that after Rashid's response to Moin, it didn't appear he was interested in the offer anymore so the matter should be closed now," the source said.
Indications are that Sethi might reconsider Moin for the chief selector's position now that his contract as head coach has ended with the Board.
Rashid is yet to state clearly what prompted him to back out of the chief selector's job given that Sethi had even permitted him to carry on his media appearances as an expert on television while working as chief selector.
"The agreement reached with Rashid was he would join the PCB as chief selector on deputation from his department and get the normal salary given to the chief selector but at same time also carry on with his media assignments," the source stated.