"I am pleased to announce that Khaled Mahmud has reversed his decision to quit and decided to play for Bangladesh in the Zimbabwe and Namibia tours," Board official Mahbubul Alam said on Wednesday.
"We think he can still contribute to Bangladesh's cricket and help improve the team."
Mahmud, after being replaced at the weekend by batsman Habibul Bashar as the national team's skipper, announced his decision to quit, saying he felt "insulted" by the way he was dropped.
"I am withdrawing my decision to quit to honour all at the Cricket Board who asked me to stay on," said the 32-year-old, who will join the 16-man touring squad later.
Mahmud's captaincy was under pressure after he lost both the Test and One-day series against England at home two months ago.
Mahmud has scored 266 runs and bagged 13 wickets in 12 Test matches. In 53 One-day Internationals, he has made 708 runs and claimed 43 victims.
Bashar, who is 31, is Bangladesh's most successful Test batsman, having compiled 1,840 runs in 26 matches with two hundreds and 16 half-centuries.
Rajin Saleh is the vice-captain of the squad, which leaves for the twin tours late on Wednesday.
Bangladesh have lost 25 of their 26 matches since gaining Test status in 2000. The other match was a draw against Zimbabwe.
They are also winless in One-dayers since beating Pakistan in the 1999 World Cup in England.
Bangladesh will play three One-day Internationals in Namibia and then two Test matches and five One-dayers in Zimbabwe in February-March.
Khaled Mahmud quits international cricket