The Chief Whip will move for his impeachment if he does not resign.
It's not clear what Mugabe's next move will be.
The announcement of the crunch talks comes after tens of thousands of overjoyed protesters flooded Zimbabwe's streets on Saturday, celebrating the crumbling of Mugabe's ruthless regime which had controlled the country for almost 40 years.
'Arrogant Mugabe disregards ZANU-PF, ' one of the country's newspaper headlines said today.
Earlier in the day, Mr. Mugabe's once-loyal Zimbabwe African National Union-Patriotic Front (ZANU-PF) sacked him as its leader and told him to resign as head of state.
"He admitted to dereliction of duty during that none event announcement of his on national television last night".
Mnangagwa, a former security chief and life-long Mugabe confidant known as "The Crocodile", is the key player. "Mphoko be recalled from his position for being divisive, spreading hate speech, protecting criminals, his manner was inconsistent with the decorum and office of the vice president", said Chinamasa.
As was widely expected, Mnangagwa who only a few weeks ago was languishing in exile after he was expelled unceremoniously from government by Mugabe is now set to replace Mugabe in government.
November 20: More protests are vowed as some Zimbabweans question the military's position.
They were behind the abduction and murder of hundreds of MDC activists that year.
Video Robert Mugabe speech in full
The central committee meeting was chaired by Obert Mpofu, one of the ministers who reportedly always signed correspondence to Mugabe as "your obedient son".
Mr Mugabe said the pillars of state had remained functional.
But when Mugabe, 93, spoke, he didn't step down and said he planned to address his party's congress next month.
Millions of Zimbabweans, from highly skilled bankers to semi-literate farmers, emigrated, mostly to neighboring South Africa, where an estimated 3 million still live.
Mr Mugabe has led the country since it gained independence from Britain in 1980. We are not going to be leaving Harare until this guy is gone.
"I think the guy is hallucinating", said Remedzai, an Ontario resident who watched as Mugabe rambled and stumbled through the TV address while the military generals who have confined him to his home sat beside him.
Sources told The Namibian at the weekend that Chiwenga had to act swiftly because Grace had planned to have him arrested and charged with treason.
The first resolution was that the Central Committee, on behalf of ZANU-PF, expressed profound gratitude to the Zimbabwe Defence Forces for their intervention efforts in the internal affairs of the party as the governing party, with the view of bringing normalcy both within the party and Government.
Ever since the army took over about two meetings have been held, but Mugabe refused to sign the deals offered. Although the army was now in an invidious position - having to choose between "protecting him from the crowd" and responding to the people's will - he said he believed Zimbabwe's soldiers would not shoot their own people.
The journalist's views confirmed the views of a Pretoria-based Institute for Security Studies analyst, Derek Matyszak, who was quoted Wednesday afternoon by the worldwide media saying the army, would now be negotiating with the country's president.
The President was yesterday given until midday today to tender his resignation failure of which he would be impeached by Parliament tomorrow. "The process is tedious and it might take some days".