Ihsan asked Musharraf to surrender to the Taliban.
Adnan Rashid, a militant who was involved in an earlier attempt to assassinate 69-year-old Musharraf, said the Taliban had formed a special squad of suicide bombers to target the former President.
Rashid, who escaped from prison last year, is shown in the video training a group of Taliban fighters assigned to target Musharraf.
He threatened Musharraf and called on him to surrender to the Taliban.
"Otherwise we will target you at such a place you will not know," he said.
In the six-minute video, both Ihsan and Rashid referred to the 2007 military raid on the radical Lal Masjid in Islamabad and said, "We will not leave you alive." Ihsan also invited insurgents from Balochistan province to join the Taliban.
The raid against extremist elements holed up in Lal Masjid was ordered by Musharraf, who was also the army chief at the time.
Rashid was accused of masterminding several attacks on Musharraf.
The former junior technician of the Pakistan Air Force was sentenced to death by a military court for an attempt on Musharraf's life in 2003.