The former World Player of the Year lambasted the national team coach after the London disappointment, while indicating it could be his last game in charge of the Selecao
Menezes' side was tipped as heavy favorite after a relatively straightforward passage to the final, but was undone as early as the first minute when Oribe Peralta netted a quickfire opener, before doubling the advantage with 15 minutes to go.
Though Hulk reduced the deficit in injury time, the Mexicans held on to claim the gold medal, and consign Brazil to misery, as the Olympic title remains to be the only one to have eluded the five-time world champions.
Romario, who participated in the 1988 Olympics in Seoul, lambasted the current coach after yet another failure in London, following on from last year's Copa America, before indicating that Menezes' time may be up.
"He is a coach who cannot pick the correct selection and does not call-up the right players. Thankfully we are seeing today his last match [in charge] of the selection," the former international told TV Record.
Brazil faces Sweden in an international friendly on Wednesday.