The Selecao boss failed to deliver both the Copa America and Olympic trophies, and has left his post just 19 months before the 2014 World Cup
The 50-year-old took charge of his nation in 2010 after a disappointing World Cup campaign led by Dunga, and led the Selecao at both the 2011 Copa America and the 2012 Olympics.
However, his side crashed out of the Argentina-hosted tournament, losing to Paraguay on penalties, before stumbling to a 3-2 loss against Mexico in London in the summer.
Santos boss Muricy Ramalho and Luiz Felipe Scolari, who masterminded Brazil's 2002 World Cup victory, have been installed as the early favourites to succeed him.
Follow GOAL.COM USA on
Does this article fire you up? Comment below and your opinion could be featured in the Boost Mobile Hot Topics published every Thursday. Click here for more details.