However, the 65-year-old Shahbaz Sharif, who now serves as the chief minister of the country's Punjab Province, will first need to be elected as a lawmaker to the National Assembly before he can assume the top leadership post.
Imran Khan, the opposition politician who has been spearheading the campaign against Sharif since he took power in 2013, stands to gain the most politically from the prime minister's removal.
According to Pakistani laws, the prime minister must be a member of NA.
If Nawaz Sharif selects his brother to succeed him, Shahbaz Sharif would first have to win a by-election for a seat in Parliament.
Meanwhile, Pakistan's Geo TV reported that the ruling party has chose to appoint Shahbaz Sharif as Prime Minister in an informal meeting which went on for three hours.
"I suggest Shahid Khaqan Abbasi as the candidate", the former prime minister said.
Parliamentary elections are due in Pakistan next year and Sharif's party is hopeful for a resounding victory despite the fact that the Sharif family will continue to be investigated by the National Accountability Bureau.
Additionally, Shahid Khaqan Abbasi, who was till Friday the petroleum minister, was tapped to take over as interim prime minister till the time Shahbaz is elected to parliament, and then to the prime minister's office.
In their unanimous verdict Friday, the justices declared that Sharif was not "honest" and that he was therefore "disqualified to be a member of the parliament".
This is the third time 67-year-old Nawaz Sharif's term as premier has been cut short. "We are without a prime minister even now", he told The Associated Press.
In a tweet, Sharif's daughter Maryam Nawaz said her father would "return with greater force", and she asked her party to "stay strong".
Sharif resigned from the post after the Supreme Court pronounced its verdict.
The court also ordered a criminal investigation into the assets of Finance Minister Ishaq Dar, one of Sharif's closest allies.
The corruption allegations stemmed from the Panama Papers' leaks on global offshore companies which revealed that Mr Sharif's family had bought posh London apartments through offshore companies. He was sacked in 1993 by the President over graft allegations and ousted in a military coup in 1999.