He has been recovered from Kulchak after a raid by the security forces, sources further said.
Shahbaz Taseer was abducted from Lahore in 2011, a few months after his father was assassinated.
It is learnt that Taseer was abducted by Lashkar-e-Jhangvi, which later handed him over to Taliban. He was kept in tribal areas of Pakistan. On Tuesday, he was recovered from Balochistan after years of chase and search operations.
Relatives had lost hope about Taseer's recovery. Authorities say that he was frail and weak when he was found, but his condition is otherwise fine. Soon, he would be brought to Lahore, a spokesperson of the government said.
Shabaz Taseer was abducted from near his office at Gulberg in Lahore on August 26, 2011. His father Salman Taseer was killed by Mumtaz Qadri, his own body guard. Qadri has been hanged last week for the killing.