The PCB would also have earned a profit of over one million dollars from the series.
“Cricket South Africa (CSA) officials have declined the proposal saying that their players needed a break after a marathon away series against England," the Daily Times quoted PCB sources as telling a cricketing website.
The PCB had proposed to CSA to host a triangular tournament in the second half of September.
Pakistan is desperate for some international cricket after the ICC postponed the eight-nation Champions Trophy that was scheduled to take place in Pakistan from September 12-28.
Citing 'security concerns" from five nations the ICC has postponed the tournament to next October.
Pakistan was banking on South Africans to host the series that would have given its cricketers an opportunity to play some top-class international cricket.
But, following South Africa"s negative response, PCB officials are now working on other options, including a tri-series in Abu Dhabi or on home soil. According to a PCB official, final decision about the proposed series would be taken next week.