Sethi said two-year contracts have been offered to chief selector cum manager, Moin Khan and Younis.
Sethi also said that he felt that the combination of Moin and Waqar would work well for the national team.
"It was never a Moin or Waqar option for us as formulated by Akram (Wasim). The new formula has both former players in a format that we think will produce better results. That's why I have now given them two-year contracts like (Dav) Whatmore earlier," Sethi said in an interview to the "Express Tribune".
Younis, who has also formally applied for the head coach position, insisted that he had no differences with anyone including Moin and was keen to work with the team to produce positive results.
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Sethi disclosed the reasons for choosing the new coaching panel that includes Moin Khan and will recommend names for the head coach, fielding coach, batting coach and spin consultant positions to the board by May 6.
"I inherited two options [either Moin or Waqar] from Ashraf and Akram and had to select one on the eve of the team's departure to Dhaka to play the Asia Cup and the WorldTwenty20.
"I put the matter before our managing committee and they chose the option led by Moin Khan which Akram had listed at number one. Not everyone was happy with the decision, but we let it go because there was no time to constitute a new committee and come up with different choices."