Lt Gen Rashad, who currently serves as Corps Commander Lahore, will replace Lt Gen Waheed Arshad, who retires on Sunday.
The CGS is the senior most position in the army following the post of the Chief of Army Staff, the Express Tribune reports.
According to the report, it is among the most important and coveted positions within the military, since the CGS is the institution's operations and intelligence head.
Other key appointments approved by COAS General Ashfaq Parvez Kayani include the Chief of Logistics at GHQ and the corps commanders of Lahore and Bahawalpur.
According to Inter-Services Public Relations (ISPR), Lt General Muhammad Haroon Aslam, currently Corps Commander Bahawalpur, has been posted as Chief of Logistics at GHQ.
Newly promoted Lt General Zubair Mahamood Hayat and Lt General Maqsood Ahmed have been posted the corps commanders of Bahawalpur and Lahore respectively, the report said.
Talking to The Express Tribune, a military official said a reshuffle in the army's top ranks was overdue given Lt Gen Waheed's retirement, the report added.
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