Speaking on CNN's "State of the Union," Albright said the process should be "rapid ... democratic … inclusive and … represent the will of the Egyptian people.
"There is never an indispensable leader," she added. "There is a time with dignity that one needs to leave.
"The Mubarak era is over, and the question is how to have a process that really works properly, that allows these various voices to come together," Albright said.
John Negroponte, a former U.S. ambassador to the United Nations, praised Egyptian Vice President Omar Suleiman's meeting with opposition leaders and said, "Sooner or later this has to move to a negotiating phase from a demonstration phase. It has got to move off the television screens and into the back room, so to speak."
Former Ambassador Edward Walker said President Hosni Mubarak has "done a great many things, terrific things for the country and for us. … He needs to go out with honor. And if we can help him with that, that's what we should be doing."
2014: The Year in Music [PHOTOS]