AFP reports that it had seen a government notice confirming that new Prime Minister Shehbaz Sharif and his cabinet had dismissed Raja from his role.
In his place, the Pakistan Cricket Board would be run by a 14-member committee headed by Najam Sethi, who has served as PCB chair twice before.
Taking to social media on Thursday, Sethi seemingly confirmed the development.
"The cricket regime headed by Ramiz Raja @iramizraja is no more," Sethi tweeted.
"The 2014 PCB constitution stands restored. The Management Committee will work tirelessly to revive first-class cricket. Thousands of cricketers will be employed again. The famine in cricket will come to an end."
Former Pakistan prime minister, Imran Khan, was an unpopular figure in cricket circles after he changed the PCB's constitution in 2019, abolishing the role of government departments and private entities in first-class cricket, resulting in hundreds of job cuts.
For better or worse, cricket in Pakistan is highly politicised, with the responsibility of the running of the sport lying with the Prime Minister and his cabinet.