Dunga admitted that he was likely to leave his post in the aftermath of Brazil's 2-1 loss to The Netherlands and it was confirmed on Sunday.
"Ending the cycle of work that began in August 2006, and ended with the elimination of Brazil from the World Cup in South Africa, the CBF announces that the technical committee of the national team has been released," the statement on the CBF's official website read.
"The new technical committee will be announced later this month."
Brazil looked on course for a successful tournament after cruising through the 'Group of Death' before sweeping Chile aside 3-0 in their last 16 clash.
But despite taking the lead against the Dutch, they were overhauled to be knocked out at the quarter-final stage for the second successive tournament.
The Brazilian Football Federation confirmed a new coach would be appointed before the end of the month.