Supporters have wanted to see the back of the chairman and owner for months, and administrators Duff & Phelps say he has agreed to transfer his shares to a UK-based consortium – one of three new groups theyclaim is interested in buying the Ibrox club.
It is understood Mr Whyte is willing to relinquish his shares for a nominal fee of £1 – the amount he paid David Murray for the club last May.
The administrators running Rangers also say they expect to know today whether a deal can be done to safeguard the club's future by the end of the week.
Duff & Phelps are evaluating the three offers after American tycoon Bill Miller sensationally withdrew his bid on Tuesday just five days after being named preferred bidder over a rival offer from English rugby club owner Brian Kennedy and the Blue Knights consortium.
Two of the three bidders still in play are new to the process, said co-administrator David Whitehouse, who remains optimistic of progress before Rangers play their final match of the season against St Johnstone on Sunday.
The third bid is believed to be in the form of renewed interest from Singapore businessman Bill Ng.
Mr Whitehouse said: "It's certainly possible to get a deal done.
"The structures of deals that are being discussed vary, but all are working to a timetable that they have to be completed by the end of the season."
Mr Whitehouse said he did not wish to contemplate the consequences if they failed to find a buyer.
He said: "It would be a pretty bleak picture. But those offers we have on the table and the proposals in place are all capable of being delivered before the end of the season."
He also revealed two of the three would-be purchasers have held discussions with Rangers' manager Ally McCoist over player requirements and funding for next season.
Mr Miller favoured a 'newco' (new company) route to create what he described as an "incubator" company while Duff & Phelps aimed to take the club out of administration through a Creditors Voluntary Arrangement.
Two of the three bids are planning a "similar" offer, while a third favours a straight CVA, having proved to the administrators they have a means of securing Mr Whyte's shares.
Mr Whitehouse added: "One of the bids is for a standalone CVA and there are a number of hurdles that need to be overcome. Our view is it is challenging, but it is not impossible.
"The purchaser talking to us about a standalone CVA has demonstrated to us they have got a mechanism where Craig Whyte's shares are not an issue.
"The key issue is funding the business at the end of the season.
"In a standalone CVA there will be a period beyond the end of the season through which the business would need to be funded, to the point where the CVA effectively becomes unconditional.
"After the creditors' meeting there is a 28-day period where, technically, people could appeal the CVA. There is a level of vulnerability during that period.
"What we are saying to purchasers is if they want to do a standalone CVA, they have to put the funding in place to meet that period.
"That again is a period where it would be difficult to use season ticket sales.
"The attached burden is between £2m and £3m per month. That isn't a funding loss, that's a cash shortfall."
Mr Miller withdrew his bid following due diligence – an investigation of Rangers – and said information he received in preliminary discussions was "more optimistic than reality".
Mr Whitehouse maintains the club can recover quickly, but was reluctant to reveal more about the three bidders.
He said: "If you wanted to be prudent, it would be quite deliverable to manage a cash scenario that would be break even during that first year of domestic football.
"There are lessons to be learned from the Bill Miller bid. He would have received probably a more favourable response if he had engaged closer with the fans at an earlier stage.
"But I think there is a balance to strike between putting your head above the parapet and becoming involved in what is a very intense media scenario, and actually focusing in the first instance on getting a bid that is aligned to the interest of creditors and is deliverable.
"The other parties we are talking to would not be as reluctant as Bill Miller, in our opinion, to engage more openly once their position is verified."
Meanwhile, it was reported that finance firm Ticketus will lodge a legal claim against Mr Whyte for £27m.
Ticketus bought tickets from Rangers at the time of Mr Whyte's takeover and claims he gave personal guarantees over the deal.