A statement from join administrator Trevor Birch said: "We have negotiated a compromise agreement with Liam Lawrence, who will leave the club when the paperwork is finalised later today.
"This means that we have now successfully completed agreements with all of the first team squad and met the major condition of the offer from Portpin, which formed the basis for the CVA proposal.
"We will now aim to finalise our discussions with Portpin with a view to completing the sale of the club as soon as possible. The intention is to push this through early next week in order to ensure that player recruitment can begin as quickly as possible for the start of the new season."
Portsmouth fell into administration in February.