Commenting on the developments, Pakistan Cricket Board chairman Shaharyar Khan said the decisions are in line with his policy of taking decisions democratically.
"I consulted Cricket Committee and my Board members before announcing these decisions. I wish both Afridi and Misbah very good luck in their upcoming assignments," he added.
The PCB, however, differed announcing the squad for the upcoming series against Australia in the UAE.
Pakistan start next month's tour against Australia with a T20 match on October 5, at Dubai Cricket Stadium.
Afridi was tipped to be made the country's T20 captain after Muhammad Hafeez stepped down after the World T20 in Bangladesh, where Pakistan failed to qualify for the semi-finals for the first time since the tournament's inception in 2007.
Sources revealed that the name of young batsman Sohaib Maqsood was also discussed, but the votes were in favour of Afridi because of his vast experience in ODIs and T20 cricket and having also led the side before.
Afridi was removed as captain of the ODI and T20 teams in May 2011 after a fall-out with the board over disciplinary issues.
Image: Shahid Afridi