Kaneria was banned for life by the England Cricket Board in 2012.
The PCB, in 2012, followed the International Cricket Council's Anti-Corruption protocol and ratified the life ban on Kaneria, who was found guilty of spot-fixing and instigating other players to spot-fix in English county matches.
Kaneria has lost a round of appeals against his life ban and is now also required to pay the ECB around 100,000 pounds for the case.
"Kaneria's confession is a serious matter and this week the Chairman of the board, Ehsan Mani 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 against Kaneria since he has now admitted to corruption," a reliable source in the PCB said.
The official said the life ban on Kaneria was imposed on foreign soil so a new inquiry could be launched in Pakistan to ascertain whether there was any impact on Pakistan cricket because of his 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.
He said Kaneria could now be banned from appearing on television channels or radio shows as an expert.
"In the past, it came to the PCB's notice that Kaneria had played in a private event in Bangkok and elsewhere but it kept quiet on it," the source said.
Spot-fixing has been a problem for the PCB and in 2010 three of its players - former captain, Salman Butt and pace bowlers, Muhammad Asif and Muhammad Aamir - were banned for five-years for indulging in it in the fourth Test at Lords in England.
Kaneria's case of spot-fixing in county matches while playing for Essex also came to light the same year.
Since last year, the PCB's Anti-Corruption Tribunal has also banned Sharjeel Khan, Khalid Latif, Shahzaib Hasan and Nasir Jamshed for their involvement in spot-fixing in the Pakistan Super League.
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First Published: October 21, 2018, 3:03 PM IST