Rio De Janeiro, Brazil (My Sportsbook) - Carlos Alberto Parreira resigned as Brazil coach on Wednesday.

The 63-year-old led Brazil into this summer's World Cup as the favorites, but the team was bounced from the tournament by France in the quarterfinals.

Parreira took over Brazil in 2003, his third stint with the team.

"The coach says he needs to dedicate time to his family after four years leading the Brazilian national team," said a statement by Brazil. "It was a joint decision and Parreira will no longer have any connection with the Brazilian Football Confederation."

Parreira led Brazil to its fourth World Cup title in 1994 and has also coached Kuwait at the 1982 World Cup and Saudi Arabia at France 98.

Parreira first coached Brazil in 1984 but resigned after a disappointing run of results. He was re-appointed in 1991 and, despite much criticism about his team's allegedly lackluster style of play, led his side to victory at the World Cup in the United States three years later. He resigned afterwards, complaining of the pressures involved in the job.

According to various reports, Vanderlei Luxemburgo and Paulo Autuori are the two frontrunners to replace Parreira.