"Considering the seriousness of the allegations levelled by Zimbabwean players on racial discrimination in selection, the ICC has decided on an independent inquiry by some eminent person above reproach," ICC president Ehsan Mani said after a two-day meeting in Dubai on Thursday.
"The full executive board meeting of the ICC this month end will decide who will conduct the inquiry," he added.
"For now, the Test matches Zimbabwe were to play against Pakistan in October and England in November have been deferred and their rescheduling will depend on future commitments," Mani said.
The latest decision by the game's governing body comes close on the heels of postponing Zimbabwe's two Tests at home against world champions Australia last month.
Mani said the Zimbabwe Cricket Union (ZCU) had held that the ICC had no jurisdiction to intervene in the dispute but the ICC had received "advice" on the matter, which it had forwarded to ZCU.
"ZCU is considering it and has agreed to the fast-track dealing of the dispute," he said.
ZCU president Peter Chingoka, who also addressed the press conference, said he was not in contact with Streak directly. He said his Board had an open mind on the dispute.
Mani too denied that there has been any communication between the ICC and Streak's men even though the protesting players had asked the ICC to intervene in the dispute.
Mani said both India and South Africa had agreed to send first-class teams to Zimbabwe and offer other facilities to train Zimbabwean players.
Board of Control for Cricket in India (BCCI) president Jagmohan Dalmiya too attended the two-day meeting in the desert shiekhdom.