President Hosni Mubarak  will step down shortly and transfer authority to the Egyptian Higher Council of the Armed Forces, a senior Egyptian official confirmed to Fox News on Thursday.

The group is comprised of the minister of defense, Field Marshal Hussein Tantawi -- who stands atop the military hierarchy -- along with the military's chief of staff, the chief of operations, and commanders of the Army, Navy, Air Force and Air Defenses.

The source pointed out that the transfer of power will occur "outside of the constitutional framework" because under the Egyptian constitution, Mubarak's resignation ordinarily would mean that the speaker of the house would become president and elections would be held within 60 days. In this case, the military council will "not be governing under the constitution or any legislation," the source noted. "So they will have to define the format under which they are taking power."