Depending on his form, I'd actually love to see it happen.
The England side wouldn't be too happy and that would be the bonus, I can see the PCB though sucking up to England and not selecting him.
What would such a decision have to do with sucking up to the ECB ? Asif's a man who could've gotten a life ban even before spot-fixing with several drug offences that the PCB repeatedly turned a blind eye to. Not exactly the ideal person to bring back given Yasir Shah's current woes ! Plus there's questions as to whether Asif would get a visa.
Asif wouldn't be on his second chance, it'd be his fifth chance. PCB went through a media firestorm reintegrating Amir (IMO rightly so in his particular case) but Asif/Butt's return would be hassle the PCB can do without.