"Australia are one of the high-performing sides and them playing in our backyard for the first time after a gap of 24 years will be a special treat for the fans.
The tests would be part of the World Test Championship while the ODIs would be linked to the inaugural ICC Men's Cricket World Cup Super League.
Australia will play tests in Karachi (3-7 March), Rawalpindi (12-16 March) and Lahore (21-25 March) followed by the limited over matches in Lahore between 29 March-5 April.
The teams are also set to face each other in the T20 World Cup semi-final on Thursday.
Australia beat Pakistan 1-0 in a three-test series the last time they toured the country. Pakistan have since played their 'home' tests against Australia in the United Arab Emirates.
International teams have largely refused to tour Pakistan since an attack by Islamist militants on the Sri Lanka team bus in Lahore in 2009 that killed six policemen and two civilians.
Cricket Australia Chief Executive Nick Hockley thanked the PCB for their "considerable efforts" in planning for the tour and that the operations, logistics, security and Covid-19 protocols would be worked out over the coming months.
"The safety and welfare of our players and staff remains our number one priority, and we will continue to work with the PCB and relevant agencies to ensure that appropriate and sufficient arrangements are put in place for the tour," he said in the statement.
West Indies are also touring Pakistan in December, playing three T20s and three ODIs.