Scolari stepped down from his role after the Selecao's dismal end to the World Cup this summer, where they were thrashed 7-1 in the semi-final by Germany before losing 3-0 in the third-place playoff to Netherlands.
The Brazilian Football Confederation (CBF) have now released a statement via their official website to confirm that they will hold a press conference on July 22 in which they will reveal Scolari's replacement.
CBF president Jose Maria Marin will host the press conference at the organisation's headquarters in Barra da Tijuca in Rio de Janerio.
Former Brazil midfielder Dunga, who coached the team at the finals of the World Cup in 2010, is one of the favourites to land the role, especially due to the strong relationship he has with Gilmar Rinaldi, the newly-appointed general manager of Brazil's national teams.
Sao Paulo head coach Muricy Ramalho and former Corinthians boss Tite were the early frontrunners for the post according to Brazilian media, with the CBF having already confirmed they will not appoint a foreigner to the position.