Mr Sharif went into exile in 2001
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The leader of the opposition PML-N party in Pakistan will return to the country from exile in Britain on 10 May, party sources say.
Shahbaz Sharif is the brother of former premier Nawaz Sharif, and has been in exile for than three years.
The announcement was made after a senior representative of the PML-N held talks with Mr Sharif in London.
Earlier this month, Pakistan's Supreme Court said he would still have to face criminal charges on his return.
'No constitutional restrictions'
The BBC's Haroon Rashid in Lahore says that the initiative to bring Shahbaz Sharif back to Pakistan was negotiated by Sardar Zulfiqar Khosa, the Punjab provincial president of the PML-N.
"After four days of consultations with senior party colleagues in London, Shahbaz Sharif confirmed that he would fly to Pakistan on an ordinary commercial flight by 10 May," Mr Khosa said.
Speculation about Mr Sharif's possible return was triggered by the Supreme Court ruling earlier this month, which said that there were no constitutional restrictions on a citizen's return to his homeland.
A number of criminal cases have been registered against Mr Sharif in his absence, including allegations that he ordered extra-judicial killings.
His lawyers say he is fully prepared to face them once he is back in Pakistan.
Attempts to return
Mr Sharif, former chief minister of Punjab province, went into exile with Nawaz Sharif and their families in December 2001.
Nawaz Sharif was ousted by current President Pervez Musharraf.
At the time the government said that part of the exile agreement was that any charges against them were withdrawn.
Some family members have tried to return to Pakistan but were forcibly put on flights soon after their arrival.
The Supreme Court said Shahbaz Sharif could be arrested on his arrival.