The Blades announced losses of £18.7million for the year ending June 30 on Wednesday and have unveiled plans to restructure some of their external business activities.
This will include selling their stake in Chinese club Chengdu Blades and the nearby Copthorne Hotel.
McCabe, the major shareholder and owner of the Sheffield United group, said: "As many United followers know, I have sought to relinquish this position at various intervals over the last few years.
"It is my intention to step down as chairman of the football club board and this will happen at the annual general meeting in December when current vice-chairman Chris Steer will become chairman.
"Like Derek Dooley, who went onto become president at the club, Chris is based locally and is therefore in an ideal position to be an on-the-doorstep ambassador for the Blades where he can also be involved in many local initiatives, including community duties on behalf of the club."