The five-match series is tied at 1-1 after Pakistan won the second match in Lahore on Saturday.
"Asif has been advised to rest for one more match as he has not made a 100 percent recovery," chief selector Salahuddin Ahmed told Reuters on Monday.
Asif missed the first two one-dayers because of the elbow problem he picked up in the second Test earlier this month.
Ahmed said the selectors would also look into the option of resting Asif for the remainder of the series so he could be ready for tour to India starting next month, which includes three Tests and five one-day internationals.
"Shoaib Akhtar should be back for the final match so we will have bowling options but we don't want to take a risk with Asif's elbow problem."
Shoaib will complete a 13-match ban after the fourth match in Multan.
The paceman was suspended and fined 3.4 million rupees (27,000 pounds) on four charges of misconduct earlier this month by the Pakistan Cricket Board.
His ban period started from the Twenty20 World Cup in South Africa in Spetember.
