According to the charges framed against the former chief minister, he allegedly granted favours to industrialists.
The prosecution had filed a chargesheet in 2010. Sources say that Virbhadra had met Prime Minister Manmohan Singh and Congress president Sonia Gandhi in May to apprise them of the court verdict.
Although the government is waiting for the detailed verdict before it takes a decision, sources add that Virbhadra is trying to buy time as the case is pending in the High Court.
Virbhadra Singh himself has said that he is ready to step down, as he doesn't want to cause embarrassment to the Prime Minister.
He said, "I take moral responsibility for this, if needed I will resign."
Meanwhile, hitting out at Virbhadra, senior Bharatiya Janata Party (BJP) leader Kalraj Mishra said he must be dismissed from the ruling coalition.
"Virbhadra Singh should either resign from his post or the UPA must dismiss him," said Mishra.
An attack on the Union Minister was also launched by Team Anna, which demanded his resignation as well as his pulling out of the Chief Minister race of Himachal Pradesh.
Key Team Anna member Arvind Kejriwal said, "If such ministers continue to remain in the Cabinet, corruption in our country will never reduce. We demand Virbhadra Singh's resignation. We also think that Virbhadra Singh should not be the CM candidate of the Congress in Himachal Pradesh."