"In case Malik appeals, we will consider it and forward it to the ICC," Pakistan Cricket Board (PCB) chairman Nasim Ashraf told reporters on Friday.
Malik was banned for life after a judicial inquiry conducted by Pakistani judge Malik Mohammad Qayyum found enough evidence of match fixing against him.
Australian trio Shane Warne, Tim May and Mark Waugh had alleged Malik offered them money to underperform during their team's tour to Pakistan in 1994.
The Qayyum inquiry banned Malik and paceman Ata-ur Rehman for life and fined six others including the current captain Inzamam-ul-Haq, Wasim Akram, Waqar Younis, Mushtaq Ahmed, Saeed Anwar and Akram Raza.
Rehman's ban, imposed on charges of perjury after the inquiry in 2000, was lifted during the International Cricket Council (ICC) executive board meeting in Mumbai last week where Ashraf represented Pakistan.
"Rehman's ban from international cricket was imposed in 2000 and after two years an ICC ruling included first class in the ban," said Ashraf.
"He (Rehman) wanted to play first class cricket so he had appealed to the ICC," he said.
"It is nice to see his ban lifted and since cricket is his bread and butter he would now be available to play county cricket in England," said Ashraf.
While reinstating Rehman the ICC said: "The board was keen to stress that this decision does not represent a precedent in respect of other banned players and any subsequent applications for reinstatement would be considered on their individual merits."
Malik said that the lifting of Rehman's ban and Pakistan's promise to forward his appeal to the ICC had given him a lifeline.
"I will definitely appeal against the ban and the recent talk of Indian captain Mohammad Azharuddin's ban to be lifted and Rehman's relief give me a lot of encouragement," Malik told AFP.
The batsman played 103 Tests and 283 one-day internationals for Pakistan.