There have been calls for the selectors to draft in a new generation of players to replace the likes of Waqar, Wasim Akram, Saeed Anwar and Rashid Latif.
Saeed is expected to confirm his retirement in the next few days, but skipper Waqar has no plans to call it quits at the present time.
Batsman Inzamam-ul-Haq has announced, however, that he wants to give up the vice-captaincy after a dismal tournament which saw him score only 19 runs in six innings.
Waqar issued a personal apology to supporters following the team's exit from the World Cup at the end of the first round stage.
"We worked hard, but could not deliver on the field," he said.
Asked about his own future, Waqar replied: "As long as I am fit, I am going to serve my country."
He refuted suggestions by coach Richard Pybus that the team was unwilling to learn.
"It's absolutely not true. Each and every member of the team was more than willing to eradicate his mistakes, and I don't think Pybus is right."
Waqar must now wait to see whether the Pakistan Cricket Board thinks he should be given the chance to continue a Test and one-day career which stretches back to 1989.
They have appointed a four-member panel to review the team's performances at the World Cup and their report is due to be delivered by 23 March.
Despite his eagerness to carry on, he may not be given another chance if team manager Shahryar Khan's opinion carries any weight.
Khan claimed they had put too much faith in ageing players.
"These were the stars of the 80s and 90s. Since they couldn't perform up to their potential, our back-up cricketers also came under pressure," he said.
"We were beaten fair and square in the World Cup. We lacked in running between the wickets, our bowlers gave away too many extra runs, we didn't know how to improve our net run rate against weak teams."
Pakistan's hopes of qualifying for the Super Six phase disappeared when rain forced the abandonment of their final group game in Zimbabwe.