Menezes, 50, took charge of the national team in 2010, leading Brazil at the 2011 Copa America and the 2012 London Olympics.

His side crashed out of the Copa America in the quarter-finals, losing on penalties to Paraguay, before stumbling to a 3-2 loss to Mexico in the Olympic men's final.

Menezes was summoned to a meeting with the Brazilian Football Confederation on Friday, when his reign as manager came to an end.

"I am no longer the coach of Brazil," Menezes posted on Twitter.

"I thank all those that worked with me on this special project, all the players, and to all the people that believe in our work. I wish success to Selecao ahead of our biggest dream, the 2014 World Cup."

Corinthians coach Tite, Muricy Ramalho of Santos and Luiz Felipe Scolari, who masterminded Brazil's 2002 FIFA World Cup victory, have been installed as the early favourites to succeed Menezes.