(CNN) -

Luiz Felipe Scolari's second stint as Brazil manager didn't go nearly as well as the first.

A dozen years after leading Brazil to the World Cup title in Asia, he resigned in the wake of the Selecao's capitulation in the semifinals and third-place defeat on home soil last week.

Germany thrashed Brazil 7-1 in the last four -- it was the first time a team scored seven goals in a World Cup semifinal -- before the host meekly lost to the Netherlands 3-0 on Saturday.

"Luiz Felipe Scolari and his fellow coaching staff surrendered their positions to the board," Brazil's football federation, the CBF, said in a statement on its website, adding that the resignations were accepted.

"Scolari and all his backroom staff deserve our respect and thanks," CBF president Jose Maria Marin told the website. "They were responsible for returning to the Brazilian people a love for the national side, even if they did not achieve our highest aim."

Scolari's decision was fully expected, since he said he was "responsible" for the loss to Germany.

Without injured talisman Neymar and captain Thiago Silva in the heart of defense, Brazil conceded four times in six minutes in the first half in Belo Horizonte, leaving fans in tears in the stands.

There was no respite in the third-place game as the Dutch set the tone by netting in the third minute.

Brazil's Tite, who last guided Corinthians in his 20-plus year coaching career, is the favorite to take over from Scolari.

Bayern Munich boss Pep Guardiola, Chelsea manager Jose Mourinho and ex-Brazil striker Ronaldo are also among the big names linked with the job.

Even with a team that was considered far from vintage -- especially compared to previous Brazil sides -- many expected Brazil to win the World Cup after defeating Spain in the 2013 Confederations Cup final.

But the warning signs that Brazil were not exactly buzzing were there in the opening game of the group stages of the 2014 World Cup. Scolari's side were fortunate to top Croatia, benefiting from a dubious penalty.

Since cutting ties with Portugal in 2008, Scolari hasn't had success with any of the sides he's managed, including Chelsea and Palmeiras.