'Can I Back Out of a Job Offer a Week Before My Start Date?'

I am a psychology postgraduate fresh out of college. I had applied for this one job a while ago, the recruitment process for which continued to drag for more than two months. Since I desperately needed a job to relocate to a different city, I decided to apply to another place. The second place I applied to accepted me almost immediately and I accepted the offer, treating it almost like a backup. I have not yet signed a contract with them, but this job is supposed to begin in one week. In the meantime, the first job I had applied for has almost completed the recruitment process and, from the look of things, it seems highly likely that I will get an offer from them in a few days.

My question is: Is it unprofessional and highly unethical to back out from the job offer I already have when I am so close to my start date? Also, is it possible for me to back out of this offer now?

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