La Furia Roja have won three successive major international tournaments since 2008, but after Sunday's Confederations Cup final loss to Brazil, are they still favourites for 2014?
Spain have dominated international football over the last five years, collecting Euro 2008, World Cup 2010 and Euro 2012 trophies with a squad that drew inspiration from Barcelona’s two-time Champions League winners and revolutionary 'tiki-taka' style.
Brazil’s emphatic 3-0 win in Sunday’s Confederations Cup final however represents a major blow to their reputation. It is La Furia Roja’s first competitive defeat since they lost their opening group game against Switzerland in the World Cup in South Africa over three years ago on 16 June 2010.
It is clear that Spain's dominance owes more to one golden generation. They currently hold the European titles at Under-19 and Under-21 level, and may yet win the Under-20 World Cup in Turkey this summer.
But in the light of this stunning setback, are the World Cup holders still favourites to retain their title in Brazil next summer?
So what do you think? Can Spain make history by successfully defending the World Cup and winning their fourth consecutive major international tournament?
Let us know your thoughts by voting in our poll and leaving your comments below. You can also get in touch via our Facebook and Twitter pages.