"We've made the decision after considering the overall security situation in Pakistan and the concern that our people have expressed over the safety of their players."
Bangladesh had earlier indicated that they would play a Twenty20 and a one-day on January 12 and 13 respectively, both in Lahore. However officials did say that the decision was subject to a security review.
Pakistan have had to play their 'home' matches in venues ranging from Dubai to London ever since gunmen shot dead eight people and wounded seven Sri Lankan players in an audacious attack near the stadium in Lahore in March 2009.
Pakistan Cricket Board (PCB) chairman Zaka Ashraf said on December 22 that that their Bangladeshi counterparts had confirmed that the tour was definitely on.
However Hassan said that Bangladesh had now informed the Pakistan board of its change of heart.
"We've sent a letter to Pakistan three days ago explaining our position. We've decided to wait and see," said Hassan.
Bangladesh had also agreed to tour Pakistan in April this year but the event was blocked by Dhaka high court.