After clearing Irfan from the case with a ban of one-year and a hefty fine, Sharjeel's case will be the second which will be decided on Wednesday.
Sharjeel's ban will take effect from February this year, when he was first suspended, with his lawyer, Shaigan Ijaz, stating they will appeal the sentence.
The tribunal could hand a tougher punishment on Khalid Latif as he has, unlike Sharjeel, not accepted the authority of the tribunal through his lawyer and also challenged the formation of the tribunal twice in the Lahore High Court.
He said the tribunal decision was not as expected by them.
"Sharjeel is banned for five years, which has two-and-a-half years suspended", said Asghat Haider, who headed the three-member tribunal.
Former opener and Islamabad United of PSL player will not be allowed to play any level of cricket for next two and half years while in next two-and-half-year he can play if PCB find his behaviour positive.
Speaking to the press after the tribunal's decision, PCB Legal Advisor Taffazul Rizvi, said the punishment was just as the batsman was found guilty on all charges.
Pakistan were rocked up a spot-fixing scandal in the Pakistan Super League when Sharjeel, who has played one Test, 25 ODIs and 25 T20Is, and teammate Khalid Latif were both sent back to Pakistan mid-tournament.
Shahzaib Hasan and Nasir Jamshed are also facing similar charges while the fifth, former fast bowler, Mohammad Irfan, was banned for a period of six months for his failure in reporting the offer to the PCB.
However, the PCB said in a statement that Khan would only serve half of the ban, with the other half suspended due to "mitigating circumstances and good conduct during the hearing".
Sharjeel's ban comes at a time when the 28-year-old was flourishing as an opening batsman due to his aggressive and attacking style.