McCoist gave the Championship side a year's notice last Friday and his intention to step down was made public by the London Stock Exchange on Monday.
Wednesday's meeting will likely determine the conditions of McCoist's departure but Alex Smith of the Scottish Managers and Coaches Association is hopeful a solution can be found for the former Scotland striker to remain in control of team affairs at Ibrox.
Speaking to Sky Sports News HQ, Smith, who had spells in charge of Aberdeen and Dundee United, said: "It's a very unusual situation and one I think that has to be resolved as soon as possible.
"Hopefully they can try and get a solution to allow Ally to continue working there. I think he has worked under tremendous pressure.
"He has been asked to do so many things outwith his remit as manager of Rangers. He has had to take on all the flak that has been flying around since the situation happened three years ago which really was very difficult to do.
"If not, I would like it to be resolved amicably with everybody sitting round the table and coming away with their dignity intact."
The likely outcome for McCoist, who has come in for criticism from a section of Rangers supporters following a run of poor results, is he could remain in charge of the club for the next 12 months, be placed on gardening leave or have his contract paid in full.
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