"MCC is reviewing the issue. Ponting will be allowed to use the bat pending the inquiry," ICC spokesperson Jon Long said in London.
Long said the ICC was in discussion over the issue with the MCC, the English club headquartered at Lord's and who have copyrights over Cricket Laws.
Ponting's bat, a Kookaburra Kahuna, has come under scrutiny following reports that its blade contained metallic substance which helped increase its durability and strength.
But the game's laws state that bats must be made purely of wood and no artificial substance be used to give unfair advantage to the batsman.
Ponting reportedly used the bat in the third Test against Pakistan in Sydney in January and also during the tsunami relief appeal match against an ICC World XI.
The report also said England's Graham Thorpe and Ponting's teammate Ian Harvey also use bats similar to the one owned by Ponting.
Interestingly, Kookaburra bats are made in India after it shifted its manufacturing base out of Australia more than a decade ago to cut down production costs.