The 45-year-old and six other men originally faced charges relating to the acquisition of the club in May 2011 and its financial management.
At the High Court in Glasgow, Mr Whyte heard that he is currently the only person being prosecuted.
Mr Whyte has yet to enter a plea to the charges against him. The case was continued for a further hearing.
Mr Whyte was the only person in the dock, flanked by two security guards.
Advocate depute Bill McVicar revealed that charges have been dropped against Gary Withey, 51, David Grier, 55, David Whitehouse, 51, and Paul Clark, 51, saying: "There will be no further proceedings."
In relation to Charles Green, 63, and Imran Ahmad, 46, proceedings have been dropped in relation to the indictment involving Mr Whyte.
Mr McVicar said that Crown counsel are considering the position in relation to Mr Green and added: "I think it's fair to say any proceedings relating to Mr Green would be dealt with separately.
"Any proceedings against Mr Ahmad would be dealt with, with Mr Green."
Judge Lord Bannatyne said: "You are saying the only person left in the dock is Mr Whyte and I can proceed towards a trial."
Mr Whyte, who has not entered any plea as yet to the charges against him, sacked his senior counsel Tony Graham.
His junior counsel Allan MacLeod is still instructed and asked for the case to be continued for a further preliminary hearing in July.
The court heard that the Crown intend to revise the charges against Mr Whyte.
Lord Bannatyne told Mr MacLeod: "I would expect you to be in a position to say what is going to happen. I would expect some plea to be entered so that a trial can be fixed."
Defence counsel Claire Mitchell, representing Mr Whitehouse, appeared in court, along with her client - although he was not in the dock, to hear that proceedings had been dropped against him.
Mr Clark was also in court to hear that he no longer faces prosecution.
In a statement issued through their solicitors, Mr Whitehouse and Mr Clark, who acted as administrators for Rangers in 2012, said they were "relieved"  at the outcome.
"They are grateful to their families, friends, colleagues and legal teams for their support during a very difficult period," the statement said.
"They will now be considering what further steps might be open to them to address the damage caused to their reputations and careers by a prosecution which should never have been brought."
Former Rangers owner Craig Whyte is now the only person facing fraud charges relating to his time at the Ibrox club.