The 65-year-old coach failed to meet expectations with the Selecao as they finished fourth at the World Cup on home soil and suffered a 7-1 trouncing at the hands of Germany
The 65-year-old was rumoured to have quit early on Monday morning after Brazil failed to win the World Cup on home soil after crashing out at the semi-final with a 7-1 defeat to Germany before losing 3-0 to Netherlands in the third-place play-off.
And Brazilian football's governing body have confirmed that the coach, who won the World Cup with the South American nation in 2002, has left the club amidst great criticism after failing to make the country world champions on home soil.
"Coach Luiz Felipe Scolari and his fellow coaching staff surrendered their resignations to the board of the Brazilian Football Confederation," a statement on the CBF's official website read.
"The resignation was accepted by President Marin, who was keen to thank all the committee members and players and, by extension, the Brazilian fans for showing love to the Brazilian national team throughout the World Cup campaign.
"Scolari and his entire coaching staff deserve our respect and gratitude. They were responsible for returning to the Brazilian people your love for selection, despite not having achieved our greatest goal."