The Twenty 20 league will be held from February 4-24, 2016 in Dubai and Sharjah, during which a total of 24 matches will be played over a 21-day period, the PCB said in a statement.
Five teams - Quetta, Karachi, Peshawar, Lahore, and Islamabad - will be vying for glory in the first edition of PSL.
The teams will comprise the top T20 players from the world, with the latest tally of foreign player signing consents standing at an impressive 132. The players will be selected through a draft process in December.
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Prominent names who have so far agreed to play the PSL include Kevin Pietersen, Chris Gayle, Kieron Pollard, Andre Russell, Dwayne Bravo, Luke Wright, Shakib al Hassan, Lasith Malinga, Sunil Narine, and Angelo Mathews.
"There is a pool of top coaches from which franchise owners will be able to pick and choose", said Najam Sethi, chairman of the governing council of the PSL.
PSL will offer up to $1 million in prize money, and each franchise will be able to draft players and coaches for the team within a budget of $1 million.
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"The PSL has already floated tenders for broadcasters and producers," said the former PCB chairman. "This will be followed by a tendering process for sponsorships in the second week of October."
“Franchise owners will be inducted between mid to end November after which the foreign and local players will be drafted and teams constituted."
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