Ex-captain Butt and former fast bowler Asif were handed bans of 10 and seven years respectively by the ICC for accepting corrupt payments over deliberate no-balls bowled during the Lord's Test between Pakistan and England in August 2010.
Both had been found guilty at London's Southwark Crown Court in November 2011 on charges of conspiracy to cheat and conspiracy to accept corrupt payments. Another player, fast bowler Mohammad Amir was also banned for five years by the ICC on the same charges but he did not contest the decision.
Sky Sports and the BBC quoted a press release issued by Butt's lawyers as saying he was "bitterly disappointed" with the CAS decision but would continue to fight to clear his name.
"Salman has been in a very dark place over the last few years and he was hoping that he would be successful in this appeal," added legal advisor Amer Rahman.
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