The 85-year-old former president has been in detention since April 2011, weeks after he was ousted in a revolution against his rule.
He was found guilty and sentenced to life in prison in June last year for his failure to stop the killing of some 900 protesters in the 18-day uprising. His sentence was overturned on appeal and he is now being retried, along with his security chief and six top police commanders.
Two judicial officials, however, said there will no longer be any grounds to hold the 85-year-old former president if a court accepts a petition by his lawyer requesting his release in a corruption case later this week.
Many analysts, however, expressed skepticism, saying the political cost of letting the former leader who was widely hated for widespread abuses and repression during his 29 years in power could keep him in jail.
The judiciary officials, who spoke on condition of anonymity because they were not authorized to talk to the media, said a criminal court on Monday ordered Mubarak's release in a corruption case in which he and his two sons were accused of embezzling funds for the maintenance of presidential palaces. His sons will remain in custody, the court said without giving reasons.
Monday's order, along with the fact that Mubarak had previously been ordered released in two other cases against him - the killing of the protesters and a case related to illegal earnings - opened the possibility of freedom for the former president.
Mubarak is also facing trial for alleged acceptance of presents from state newspapers but has already repaid their value. His defense team has submitted a petition for his release in connection with the presents and a ruling is expected later this week.
While he still faces trial, Mubarak secured a ruling to be released from custody in the case of the killing of protesters because he could not be held for more than two years pending a final verdict, the officials said.