Border, Mark and Steve will be part of a team performance review panel commissioned by Cricket Australia (CA). The panel will be chaired by former BHP Billiton chairman Don Argus while Malcolm Speed, the former International Cricket Council (ICC) and Cricket Australia (CA) chief executive, will be the deputy chairman.
"The catalyst for the review was our poor performance in the Ashes and probably losing the Ashes two series in a row," CA chairman Jack Clarke was quoted as saying by The Age.
"The review will be wide-ranging. Although it's been called an Australian team review it will look really at our elite systems."
Another of the panel is to improve Australia's performances in One-day Internationals and T20.
The panel will report in time for their recommendations to be considered ahead of the 2011-12 international season, the paper reported.
The trio of Border, Taylor and Waugh led Australia to eight Ashes triumphs.