H1B transfer before stamping. I 797 approved

I am working in one of the top MNC in US on Contract basis. My consultany has filed my H1 in April 2012 through Masters Quota and I have my I 797 approved. Now my company has asked me to leave the company as my contract is over. Can I transfer my H1B to other employer before it gets stamped? What is the process to get this transfered if I get job in other company?

Yes, you may transfer an approved H1B to another employer. You need the H1B petition or approval notice for the same.

"Transfer" of H1B is nothing but applying a cap-exempt H1B with "Change of Employer" as the "Basis of Classification". Hence to transfer an H1B, the new company has to do all the process that one would do for a new H1B petition.