Jim Leishman confirmed the move after a meeting between players, staff and representatives of the players' union at the club's Pitreavie training base this afternoon.
Bryan Jackson, of administrators KPF, has been chosen to lead the administration process should HMRC, owed £134,000 by the Pars, agree to the proposals this afternoon.
Leishman also confirmed that the players are set to play in the Pars' First Division clash with Falkirk at East End Park tomorrow night, and the club could face sanctions from the Scottish Football League if administration is confirmed.
Dunfermline MP Thomas Docherty said, "As a fan of the football club and a friend to the many hardworking staff at the club I am understandably upset, like many other fans, by the news today that the club has had to go into administration.
"I have supported the club in many ways as a season ticket holder, through their corporate work and by basing my constituency office within the stadium and I hope that the club can now emerge stronger as a result of this process."