The retired general, who lives in London after stepping down as president, is accused of not providing adequate security to Bhutto, a former prime minister, after she returned to Pakistan to re-enter politics. She was killed in a gun and bomb attack outside Rawalpindi Dec. 27, 2007, when Musharraf was president.
The arrest warrant, issued on court orders, was sent to the Pakistani Embassy in London by Pakistan's Federal Investigation Agency, Dawn newspaper reported.
"We have received the arrest warrant and sent it to the U.K. authorities," an assistant to Pakistani Ambassador Wajid Shamsul Hassan was quoted as saying.
Musharraf was currently in Dubai, Dawn said.
Pakistani officials have said Britain was not pursing the extradition of Musharraf. The two countries do not have an extradition treaty, the report said.
The Nation reported an anti-terrorism court had previously ordered Musharraf to appear before it on Feb. 19, but that he did not return to Pakistan. It said Monday the court gave Pakistani authorities 15 days to arrest the former president.
Musharraf's lawyer has dismissed the accusations against his client as political victimization.