Hasan Ali is yet to recover from his back injury.
Babar Azam appointed as the skipper of T20I and Azhar Ali will lead in Test.
ODI captain will be finalised later.
Misbah had a meeting with PCB Chief Executive Wasim Khan.
Test opener Azhar Ali has emerged a strong candidate to take over as captain.
Salman Butt's last appearance for Pakistan came in 2010 against England where he was caught with the charges of match-fixing.
Australia are scheduled to play three T20Is and two Tests in November.
Marcus Stoinis won't play the game as he has a side strain.
The second Test match of the series will be played at Adelaide.
Australia inflicted more pain after they defeated the depleted Pakistan side going 4-0 up in the 5-match ODI series.