This comes after the tainted leg-spinner accepted to being guilty of spot-fixing.
Notably, his confession came almost six years after the incident.
Kaneria apologized to fans and also his former county team Essex during his admission.
Now the board is set to question him to gain more information.
PCB had followed ECB's footsteps in banning Kaneria
The ECB had handed Kaneria a life ban back in 2012, and soon after the Pakistan's cricket board also implemented the same.
The board followed the ICC's Anti-Corruption protocol as Kaneria was found to be spot-fixing a match.
Further, he also instigated other players to spot-fix in the English County Cricket Championship.
Kaneria lost a set of appeals against the life ban.
Kaneria's confession is a serious matter: PCB
According to PTI, a reliable source said, "Kaneria's confession is a serious matter and this week the Chairman of the board will have deliberations with his legal team and the Board's Anti-Corruption and Vigilance officials to see if a new inquiry should be opened up."
Kaneria could be completely cut-off
The new inquiry is set to be launched to ascertain whether there was any impact on Pakistan cricket because of Kaneria's links with the bookmakers.
"The board adopted a soft stance on Kaneria despite his life ban. But now it could move to completely blank him out of the cricket scenario," the source added.
Kaneria wanted to give something back to cricket
Kaneria wants to give something back to cricket and appealed for a second chance.
"I want to ask people's forgiveness. Cricket has given me so much in my life and I want to give something back. I can help to educate young people in cricket, teach them that if you do wrong you are finished like me."