CHICAGO (AP) _ The Chicago Sun-Times announced Saturday that Charles T. Price, the newspaper's senior vice president and general manager, will serve as acting publisher until a replacement is found for Robert E. Page, who resigned two days ago.

''We have a strong management team in place, and we are looking forward to further establishing the Sun-Times as a vital Chicago institution,'' Price said in a statement published in the newspaper's Sunday editions.

Page told editorial employees on Thursday that he was selling his minority interest in the newspaper company to the investor group that owns it and stepping down ''with regret'' as the Sun-Times' president and publisher.

Price's appointment as acting publisher was announced by Sun-Times Chairman Leonard P. Shaykin, a managing partner of Adler & Shaykin, the investment firm that arranged a $145 million leveraged buyout of the newspaper from international media magnate Rupert Murdoch in 1986.

Shaykin said Price would serve as acting publisher ''while our search for a new publisher continues.''

Price, 44, formerly was a partner in the Cleveland law firm of Baker & Hostetler, where he represented the Sun-Times and other newspapers.

He grew up in Urbana, Ill., and is a graduate of Ohio Wesleyan University and Harvard Law School.

Page, 52, came to Chicago from Murdoch's Boston Herald to serve as the Sun- Times' president and publisher in 1984 after the Australian's News America Publishing Corp. bought the paper from its longtime owners, the Field family of Chicago.

When Murdoch sold the Sun-Times to the investors' group, Page said he was embarrassed by some of the newspaper's sensationalism and promised ''a more serious, more purposeful'' look.