Any clash between arch-rivals Pakistan and India is one of the most lucrative in cricket, worth millions of dollars in broadcast, sponsorship and advertising revenue.
But the fixture was thrown into doubt after the federal government ordered the team not to play the match in Colombo.
The PCB reached out to the ICC after a formal communication from the cricket world body, a source close to the developments told AFP.
The ICC was seeking a resolution through dialogue and not confrontation, the source added.
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The 20-team tournament has been overshadowed by an acrimonious political build-up after Bangladesh, who refused to play in India citing security concerns, were replaced by Scotland.
As a protest, Pakistan refused to face co-hosts India in their Group A fixture.
Pakistan, who edged out the Netherlands in the tournament opener on Saturday, will lose two points if they forfeit the match and also suffer a significant blow to their net run rate.
India skipper Suryakumar Yadav said this week that his team would travel to Colombo for the clash.
Pakistan and India have not played bilateral cricket for more than a decade, and meet only in global or regional tournaments.