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The resignation of Ashraf was announced by the Pakistan cricket Board just an hour after Musharraf resigned.
"After the President resigned, I also felt morally bound to resign," Ashraf, who was appointed as PCB chief in 2006, said.
Under the Pakistan cricket constitution, the President of the country appoints the cricket chief and Musharraf in his nine-year tenure appointed three men to this position.
In his letter to Musharraf, Ashraf said, "I have informed him that I can no longer continue my duties and would like to be relieved as cricket Chairman."
Ashraf's resignation came soon after his return from the United States after a two-week vacation during which speculation was rife that he was waiting to see if Musharraf would survive the impeachment motion against him.
Ashraf said his resignation would not upset Pakistan's preparations to host the Champions Trophy to be held from September 12.
"The resignation of an individual does not affect the working of an institution and the Champions Trophy would be held on schedule and properly," he said.
Ashraf is seen as very close to the outgoing President who brought him in to manage the National commission for human development in 2002.
With less than a month remaining to the Champions Trophy and the new President to be appointed after 30-days, analysts believe that the political government will move quickly to appoint a new Chairman and may be even a new cricket set-up.
Ashraf said he would talk to the media in detail after his resignation was formally accepted by the President.
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