A top official of the board told PTI that Wasim and Rameez had held meetings in Lahore on Monday (September 7) with the PCB and agreed to be the faces of PSL.
"Their contracts also clearly state that they will have nothing to do with the planned Masters Champions League (MCL) T20 event next year in UAE," the official said.
It is due to the scheduling of the Masters League in UAE in February that the PCB has been forced to announce Doha, Qatar as the venue for its inaugural PSL, which will be held from February 4-24, 2016.
The official also confirmed that PCB Chairman Shaharyar Khan would be choosing two other former players to work as advisors on cricket affairs to him.
"That is a decision that will be made by the Chairman himself as far as Wasim and Rameez are concerned they will be working with the PSL secretariat," he added.
Both the former greats have chalked out a successful career in television as commentators, pundits and hosts since their retirements and remain busy with their commitments with broadcasters around the year.
"We are sure that Wasim and Rameez will play important roles in promoting and selling the PSL globally and further enhancing the image of Pakistan cricket," the official said.
He said Wasim and Rameez had both been keen to work as brand ambassadors for the PSL and are keen to see it launched as a successful brand.