We are in exactly the same boat as you at the moment. It is definitely possible, the trick is proving that you intend to leave Quebec. The most recommended way to do this is to either have family or a job offer outside of Quebec. You will need to submit a letter of intent to leave Quebec with your EE profile. The fact that your work permit is expiring soon will definitely count in your favour.
If you are like us, however, and don't have either of these things, it is where things get tricky. We have tried to show it by proving we are looking for jobs outside of Quebec but unfortunately we don't know if this will actually work.
Has anyone out there had any success with proving intent to leave Quebec without a job offer or family elsewhere in Canada?
I am in a similar situation now. Do you mind sharing what happend to your case eventually? I got my Master's from Ontario and worked there for a while. I am studying PhD in Quebec now and am thinking of quitting the program and going back to Ontario if I cannot get the PR while I am studying in Quebec.