The two governing bodies came to an agreement yesterday after NZC originally wanted to push for its former chairman, Sir John Anderson, to be elected in the position.
A joint statement said the final decision came down to the input of respected Australian businessman Sir Rod Eddington, who was independent chairman of a joint nominations committee.
"We are pleased that an eminent candidate in John Howard has agreed, after an exhaustive process, to take the role of joint Australia-New Zealand nominee for the ICC presidency. It was an extremely difficult decision and ultimately relied on the input of Sir Rod Eddington, whom both cricket boards respect enormously," it said.
Under the ICC presidency rotation, an Australasian candidate will fill the role for a two-year term from 2012. Current chair, Englishman David Morgan, is due to hand over to India's Sharad Pawar for a two-year period from mid-2010.
