He told a television station in Argentina: "That is it, my time has finished. I have given all that I have."
The South Americans went out of the World Cup after being thrashed 4-0 by Germany on Saturday.
Despite being a national hero in Argentina after winning the World Cup in 1986, Maradona is unlikely to want to keep the job for sentimental reasons alone.
It may, however, be his last job in football as he is unlikely to want to be tempted into club management.
The quarter final defeat has been a bitter pill to swallow for star player Lionel Messi.
For the second World Cup in succession he failed to score, although his performances in 2010 were much better than those of 2006.
Writing on his blog, Messi said: "I am devastated at the moment and the team isn't feeling well either. We played a terrible game against Germany and were completely out of sorts.
"Germany were clearly the better team that day and we played one of our worst games ever. We will have to start from the scratch and look forward to the next World Cup."