"I think the time has come for us to think on these lines. We must have separate teams for the different formats with specialised players for each format," Waqar told reporters ahead of the second Test against South Africa, which is scheduled to begin from Saturday.
The national coach insisted that all three different formats required a different approach from the coaching staff and the players.
"We have a lot of talent in Pakistan and that is why I believe we should now think about having separate squads with specialists. Obviously some players do qualify for all three formats or two of the formats," the former captain said.
Waqar pointed out that the forthcoming tour of New Zealand will help Pakistan build their combination for the World Cup.
"It is going to be an important tour for us in the sense that we can finalise our combination for the World Cup keeping in mind the conditions we will encounter in India, Sri Lanka and Bangladesh during the tournament," he stated.
The Pakistan coach admitted that he was hoping to see the national one-day squad perform better and improve their finishing abilities.
"In recent series we have lost some very close matches, which we should have won, due to basic mistakes. So we are working hard on our fielding and the ability to finish off matches," he added.
Waqar said that while there was talent in Pakistan cricket, the youngsters needed to focus more on their game.
Citing the example of Umar Akmal, he said the young batsman was extremely talented but struggled to match his talent with results.
"Umar needs to perform as per his talent, something he has not been able to do in recent series," he said.
Sources said that the Pakistan team management was considering dropping Umar for the second Test and bringing in another youngster, Asad Shafiq.
Waqar said he and his coaching staff were working to remove the technical issues associated with the new generation of players.
"But this process takes time and we need to be patient."