The decision was taken under the ICC Pitch and Outfield Monitoring Process.
ICC Match Referee Ranjan Madugalle submitted his report to the world's cricket governing body expressing the concerns of the match officials over the performance of the pitch which saw Australia scoring 327 and 263 for four declared, and England scoring 491 in their only innings.
This report has been forwarded to Cricket Australia (CA), who now have 14 days to provide their response, according to an ICC statement.
"The bounce of the MCG pitch was medium, but slow in pace and got slower as the match progressed. The nature of the pitch did not change over the five days and there was no natural deterioration," Madugalle said.
"As such, the pitch did not allow an even contest between the bat and the ball as it neither favoured the batsmen too much nor it gave the bowlers sufficient opportunity to take wickets," he added.
The MCG Test was the last Test to be rated under the current ICC Pitch and Outfield Monitoring Process, with a revised process coming into effect in men's and women's international cricket from January 4.
The major change in the revised ICC Pitch and Outfield Monitoring Process is to the sanctioning system for venues which present substandard conditions for international matches.
If a pitch or outfield is rated as being substandard, that venue will be allocated a number of demerit points.
One demerit point will be awarded to venues whose pitches are rated by the match referees as below average, while three and five demerit points will be awarded to venues whose pitches are marked as poor and unfit, respectively.
When a venue accumulates five demerit points, it will be suspended from hosting any international cricket for a period of 12 months, while a venue will be suspended from staging any international cricket for 24 months when it reaches the threshold of 10 demerit points.
Demerit points will remain active for a rolling five-year period.
The Jamaican track superstar, the world record holder in the 100m and 200m and eight-time Olympic champion, is working with the Australian batsmen to improve their "explosiveness" off the mark.
"It's all about explosiveness, and that's one thing I've noticed with cricket -- they don't really have a lot of explosiveness when they're running," the world's fastest man told the Herald Sun newspaper.
"They seem to always take off at a slow rate. Getting that right will definitely help people."
Bolt, 31, who retired from athletics after August's World Championships in London, said he was trying to increase the awareness of running while batting.
Australian batsman Peter Handscomb said Bolt's tips were welcomed ahead of Thursday's first Ashes Test in Brisbane.
"He was giving us a few pointers on how to get a little bit faster," Handscomb said. "We'll give it a crack.
"He was trying to get us nice and low in the turn and in and out. The first couple of steps are key and if we can get them right, we'll be fast.
"Obviously he's the fastest man ever so if we can have the title with him, that'd be cool."
Bolt said had been busy after retirement preparing for a tilt at football, having been invited to train with Bundesliga side Borussia Dortmund.
"It's something that I want to do. I'm trying to get fit now," he said.
"My doctor finally passed me after my hamstring problems at the world championships, so now I can start training.
"I've started training while I'm here and trying to get into shape before I get home and next year I'll get a trial and we'll take it from there.
On Thursday, Warner and Bancroft didn't have a great return to the Australia Test side as they were both dismissed by Stuart Broad within the first eight overs of the match. While Bancroft scored a mere 8, Warner could manage only two runs.
Having served their respective bans for their roles in the Sandpaper scandal, the Australian openers were greeted with a chorus of boos by the hostile Edgbaston crowd.
In addition to the boos, the English crowd also waved sandpapers at both Bancroft and Warner post their dismissals as they walked off the field.
Bancroft was caught trying to rough up one side of the ball with sandpaper the Cape Town Test against South Africa. Warner and Smith were banned from international cricket for 12 months while Bancroft was handed a nine-month ban by Cricket Australia.
However, Smith didn't pay any heed to the hostile treatment he got from the English crowd and played a magnificent 144-run knock to take Australia to 284 in their first innings.
In a match in which the momentum see-sawed both ways on a number of occasions, Australia finally managed to consolidate their position on Day 4 thanks to centuries by Steve Smith and Matthew Wade.
England started Day 5 chasing a daunting target of 398 with 10 wickets in hand, but Pat Cummins made the early incision by dismissing first innings centurion Rory Burns in the 10th over of the innings.
Nathan Lyon then tore into the England top order, picking up the wickets of Jason Roy, captain Joe Root and Joe Denly to reduce the hosts to 85/4 at Lunch.
Australia never took the foot off the peddle, with Cummins dismissing Jos Buttler shortly after the restart. He then dismissed Jonny Bairstow before Lyon accounted for Ben Stokes in the next over.
Moeen Ali and Chris Woakes then held on to stitch together a stand of 39 runs with Woakes doing the bulk of the scoring. It was England's second highest stand of the innings after Roy and Root's 41-run second wicket partnership earlier in the day.
The partnership was broken when Lyon managed to get an edge off Ali which flew straight into the hands of David Warner at gully. Lyon's sixth wicket came off the very next ball when Stuart Broad edged him to Smith at slip.
The fall of the wicket saw the injured James Anderson come out to give Woakes company. While the pair held on for some time, the inevitable was completed when Cummins dismissed Woakes to hand Australia a 1-0 lead as they look to defend their Ashes crown.
Interestingly, the last time Australia started an Ashes in England with a win at Edgbaston was when they were being led by current team mentor Steve Waugh in 2001. That was also the last time they won the Ashes away from home.
Brief scores: 1st innings: Australia: 284 all out (Steve Smith 144, Broad 5/86); England: 374 all out (Rory Burns 133, Nathan Lyon 3/112); 2nd innings: Australia: 487/7 declared (Steve Smith 144, Matthew Wade 110, Ben Stokes 3/85); England: 146 all out (Chris Woakes 37, Nathan Lyon 6/49, Pat Cummins 4/32).
At stumps, England were 23/1, still trailing by 474 runs with three days of play remaining.
Returning to the team after being out with a concussion injury he picked up in the first innings of the second Test, Smith showed the world why he recently surpassed Virat Kohli as the best Test batsman in the ICC rankings despite being away from the game for one year due to his role ball tampering with a scintillating 211 from 319 balls, his more than seven-hour stay at the crease decorated with 24 fours and two sixes.
Smith had scored his previous two double tons in 2015 and 2017, both against England.
Smith, whose lowest score in this series is 92 at Lord's prior to which he had scores of 144 and 142, brought up his double century off 310 balls by whipping a full delivery from Craig Overton past mid-on. Smith also became the first Australian since Allan Border in 1981-85 to score 500+ runs in consecutive Ashes series in England.
The 30-year-old former captain roared and punched the air as all the boos he had received throughout the series from the English fans drowned in applause.
Smith shared a 145-run sixth wicket stand with skipper Tim Paine who himself scored 58 before Overton got his wicket.
Mitchell Starc, playing his first match, also scored a 54 not out along with Nathan Lyon who was unbeaten on 26 when the Aussies declared.
But the day belonged to Smith who made the most of a number of lucky reprieves to march on.
Smith was on 118 when he was caught by Ben Stokes at slip off left-arm spinner Jack Leach only for the delivery to be called a no ball by the video officials.
Earlier in the first session, Archer grassed a caught and bowled opportunity after his full toss was driven straight back at him.
But those aside, Smith showed his mettle in full tilt to continue his prolific run-scoring spree and bring up his third Ashes century in 160 balls by clipping Overton off his pads for a couple of runs.
Post lunch, Smith continued in the same vein as he got to his 150, his eighth such score in Tests and third against England by hitting Archer for three runs.
After scoring his hundred, Smith raised his bat as his teammates in the dressing room applauded in a fashion which showed the inevitability of yet another landmark from this run-machine, who returned to the team on the back of a concussion injury.
Earlier, a light drizzle once again played spoilsport in the first session, but it was for a short while as the packed crowd at Old Trafford were treated to another Smith special.
Overnight batter Travis Head was the first wicket for England as Stuart Broad (3/47) trapped him in front.
Mathew Wade (16) played a poor shot to be caught at mid-on by England captain Joe Root. But Smith, at the other end, was batting at another level as he negotiated left-arm spinner Jack Leach's spinning deliveries well and showed superb technique against Broad and Overton to work his way through.
England lost Joe Denly, opening for the first time with Jason Roy pushed down, for just 4 with Pat Cummins taking his wicket. Rory Burns was batting on 15 with nighwatchman Overton on 3.
For England in the first innings, Broad was the pick of the bowlers with figures of 3/97.
Brief scores: Australia 1st innings: 497/8decl (Steve Smith 211, Marnus Labuschagne 67; Tim Paine 58, Mitchell Starc 54 not out; Stuart Broad 3/97); England 23/1.
England were left rattled in the very first over of their second innings with Pat Cummins dismissing Rory Burns and Joe Root off consecutive deliveries. Jason Roy managed to deny Cummins his hat-trick. He managed to stick around with Joe Denly, who was his opening partner until the last Test before he was demoted to number four and England's overnight total is 18/2.
Earlier in the day, the hosts managed to avoid the follow on thanks to Jos Buttler scrapping it out with the tail but he was dismissed soon after as Australia started their second innings with a 196-run lead.
Australia were set back by Stuart Broad and Jofra Archer in the early part of the innings as they dismissed David Warner, Marcus Harris, Marnus Labuschagne and Travis Head before they could make a significant difference to the scorecard.
However, Matthew Wade stuck with Steve Smith as the latter upped the tempo with some typically unorthodox shots. 105 runs were put up between the pair out of 72 runs came from Smith off 73 balls.
Smith looked set for an astonishing fourth century of the series with the England bowlers looking hapless whenever he was on strike. However, the 30-year-old went for one shot too many as it turns out, with his dismissal coming when he tried to go big off Leach and ended up holing out in the deep. His score of 82 is his lowest in this series.
Wade followed soon after after which Australian captain Tim Paine put together 28 runs with Mitchell Starc before suddenly declaring in the middle of the 49th over.
England start Day 5 365 runs away from their target while Australia need 8 wickets to win.
Brief scores: Australia 497/8d & 186/6d (Steve Smith 211, Marnus Labuschagne 67; Stuart Broad 3/97) vs England 301 & 18/2 (Rory Burns 81, Joe Root 71; Josh Hazlewood 4/57).
England are looking to avoid a first series defeat at home to Australia since 2001.
The day started with openers Joe Denly and Rory Burns putting up a 54-run opening stand. Burns faced 48 balls and scored 20 runs before edging a short and wide delivery from Nathan Lyon to Tim Paine behind the wickets.
England captain Joe Root then gave Denly company for much of the morning session but was dismissed shortly before Lunch. However, for Australia, it was only the beginning of their troubles.
Denly and Ben Stokes then batted out the entire second session, piling on a 100-plus partnership and taking England well ahead in the Test.
They both scored fifties and took their stand to 127 before Stokes was dismissed by Nathan Lyon.
Jos Buttler came in with the situation poised perfectly for his strokes. He hit boundaries with Sam Curran and later Chris Woakes on the other side and came within three runs of a second half-century in the Test.
Curran became Pat Cummins' first wicket of the innings when he nicked it behind to the wicketkeeper. Later, Chris Woakes fell to Mitchell Marsh thanks to a blinder of a catch from Steve Smith at second slip.
Woakes chased an outswinger and the ball took an edge before flying wide to Smith's right. The 30-year-old leapt after it and plucked it mid-air.
Buttler fell off the very next ball which was bowled by Peter Siddle. He top edged a pull shot and Marnus Labushcagne had to cover significant ground before catching it behind square. Jofra Archer and Jack Leach were holding fort for England at the end of the day's play.
Brief scores: England 294 & 313/8 (Joe Denly 94, Ben Stokes 67; Nathan Lyon 3/65), Australia 225 (Steve Smith 80, Marnus Labuschagne 48; Jofra Archer 6/62)