"Carlos Alberto Parreira quit his job as Brazil coach after a meeting with CBF chairman Ricardo Teixeira," read a statement carried by the CBF website.

Kicking-off the World Cup as favorites, Brazil failed to go beyond the last eight after losing to France 1-0.

Parreira, who steered Brazil to the World Cup title in 1994, faced heavy criticism during the tournament for his over-cautious strategies and preferences to veteran players regardless their form.

He took over as Brazil manger in 2003 and he guided his national team to winning the 2004 Copa America and the 2005 Confederations Cup.