Military prosecutors have finished investigations into Xu's case and started the procedure of filing charges against him, the statement from the military procuratorate said.
The Central Military Commission, headed by Chinese President, is the country's highest military body.
71-year-old Xu was also expelled from the ruling Communist Party of China (CPC) and discharged from military service disrobed of his rank.
He is the highest ranking PLA official to have been court marshalled since China came under the rule of Communist Party in 1949.
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He was accused of introducing "cash for ranks" policy in promotions and found to have taken advantage of his position to assist the promotion of other people, accepting huge amount of bribes personally and through his family.
Xu was also found to have sought profits for others in exchange for bribes taken through his family members.
The amount of bribe was "extremely huge", state-run Xinhua quoted the statement as saying.