Butt, Asif and team-mate Mohammad Aamer were banned for a minimum of five years by the International Cricket Council (ICC) after being found guilty of spot-fixing at the 2010 Lords Test against England.
On Wednesday, the Court of Arbitration for Sports rejected appeals from Butt and Asif. Aamer, who had pleaded guilty, did not appeal.
Butt was banned for 10 years, five suspended, and Asif for seven years with two suspended. Aamer's five-year ban was the minimum the ICC could impose.
All three were jailed by a British court in 2011 but were released last year.
Pakistan Cricket Board (PCB) chairman Zaka Ashraf said Butt and Asif will have to serve their spot-fixing bans.
"They will have to serve it. Then we will include them in first-class domestic cricket and see how they perform," said Ashraf.
Butt on Wednesday vowed to revive his career.
"I have completed half of my punishment, so in 2015 I will be eligible to play and I am motivated and fit to revive my career," Butt told a news conference.
Ashraf said no player should ever fix.
"If he does, he will destroy his future and bring a bad name, not only to himself but to his country," said Ashraf.
Former captain Rashid Latif said Butt and Asif had a right to play after their bans "provided they are fit and have the will to play".
"I would have been disappointed if they were let off," Latif told AFP.
West Indies' Marlon Samuels is the only player to return to international cricket after being banned for having links to a bookmaker. He was out of the game for two years, returning in 2010.
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Why not Pakistan is a haven for all these law breakers and corrupt. Let us continue with our reputation in the world and not let our "reputation" tarnished. As long as these criminals are not a threat to the rightwing terrorists ruling the country we are all fine. While on this subject did it ever occur that TTP or their allies ever targeted these kind of corrupts who sold the country's reputation so openly? Or they only target the elected democrats.
If playing again - ASIF may be a off break spinner and BUTT may try umpiring or be with the team as malishia. We as a nation have no self respect and there is no regret of any wrong doing so will not be surprised with both of them having a respectable place in society. Almost all of our leaders are very "respectable and honest" people. Etc...
They should NEVER be allowed to represent Pakistan again, they brought shame to their nation, allowing them to return will set a bad example to future cricketers and athletes. On the contrary they should be legal action taken against them in Pakistan for treason. But knowing how corrupt all the establishments are in our country including the PCB the wrong decision will probably be made.