The PCB, then with Ijaz Butt at the helm, said Afridi breached a code of conduct by announcing his retirement and levelling allegations against the board.
In response, Afridi launched legal proceedings against the PCB, which were reportedly settled out of court.
The affair was the latest in a line of damaging episodes to dog Pakistani cricket, the most serious being allegations of spot-fixing during last year's England tour which are being heard by a London court.
Speaking ahead of the Hong Kong Cricket Sixes event, Afridi said the change of leadership at the PCB paved the way for his return.
"I stopped playing because of Ijaz Butt ... he has gone, so I am back. I am fit and want to play. The next time I retire will be the last time."
Afridi also said he hoped the conclusion of a trial relating to spot-fixing allegations, involving Butt and Mohammad Asif, would allow the nation to step out of the shadow of the scandal.
"It will be finished in two or three days, I think. Whatever the outcome, it will be an example to our youngsters.
"It's time to leave the issue [spot-fixing] behind. There is still a lot of cricket in Pakistan to focus on."
He also urged the PCB to invest in young players and secure the return of international cricket to Pakistan.
The country has not hosted an international tour since militants attacked the Sri Lankan team bus in March 2009, killing eight Pakistanis and wounding seven visiting players and their assistant coach.
"In a few years, our rankings can improve if the PCB does the right things to encourage cricket. I am confident we are finally moving in the right direction," he added.
Afridi will play in an All Star team at this weekend's Sixes event. AAP