Former captain had earlier held position from 2016 to 2019
Najam Sethi told reporters in Lahore on Monday that Rasheed will be heading the new selection committee.
Former Pakistan cricketer Rashid Latif has accused Pakistan Cricket Board of trying to create a crack in the edifice of the national cricket team by implementing divide-and-rule policy.
Afridi will head an interim committee of selectors that includes former players Abdul Razzaq, Rao Ifthikar Ahmed, and Haroon Rasheed.
Arthur will continue working with Derbyshire. He will travel with the Pakistan team when he is available from his Derbyshire duties.