The Pakistan Cricket Board has denied agreeing to pay 10 million rupees ($152,000) to former captain Inzamam-ul Haq to mark his retirement from all forms of cricket.

Speculation has been rife about the future of the senior batsman, with newspapers and television channels reporting that Inzamam is set to retire after playing in the second Test against South Africa starting on October 8 in Lahore [Images].

The Jang said Inzamam had held a meeting with PCB chairman Nasim Ashraf in which it was decided that he would be paid 10 million rupees for his services to Pakistani cricket.

The PCB said on Wednesday, however, that it would be announcing a decision on Inzamam's future in the next few days.

"The news about the PCB assuring and guaranteeing Inzamam 10 million on his retirement from Test cricket is absolutely incorrect," a PCB statement said.

"The PCB chairman, however, has clearly stated that any policy decision regarding Inzamam will be announced in the next two to three days and the decision would be in the larger interest of Pakistan's cricket future," it added.

Inzamam quit one-day internationals and stepped down from the captaincy after his team's early exit from the World Cup in March.

The 37-year-old, who has played 119 Tests and 378 one-dayers, was asked by the selectors about his availability for the first Test against South Africa but turned down the invitation for personal reasons.

Sources close to Inzamam said a decision on his future would be made in the next few days. 

Inzamam joined the rebel Indian Cricket League in August along with three other Pakistani players, Mohammad Yousuf [Images], Abdul Razzaq [Images] and Imran Farhat [Images].

Yousuf returned to the Pakistan fold last week on the persuasion of the PCB, dropping his ICL commitment to sign a central contract. Yousuf, however, pulled out of the first Test against South Africa, saying he was not match fit.