Zanu-PF has also given Mr Mugabe, 93, until 10:00 GMT on Monday to resign as president, or face impeachment.
He is currently addressing the nation, after meeting military leaders who have called on him to step down.
The military intervened last week, in an apparent attempt to block him from installing his wife as his successor.
The first lady, Grace Mugabe, and several other senior officials have been expelled from the party altogether.
Tens of thousands of Zimbabweans attended street protests on Saturday, demonstrating against the Mugabes.