Scolari said that he would let the CBF decide his fate after Brazil were beaten 3-0 by Netherlands on Saturday in the match for third place in the World Cup.
Television channel Globo TV said the confederation's official announcement would be made later on Monday.
The real damage for Brazil came in last Tuesday's semi-final when the Scolari’s team were hammered 7-1 by Germany.
That result was the worst in Brazil’s World Cup history, and the first time they had lost a competitive match at home since 1975.
Scolari led Brazil to their last World Cup triumph in 2002, when they won the competition a record fifth time, beating Germany 2-0 in the final.
Since his return to the manager’s post in 2013, Brazil have won 19, drawn six and lost four of his 29 games in charge.
Scolari also led the team to the Confederations Cup last summer.
Former Corinthians boss Tite, Sao Paulo coach Muricy Ramalho, and Brazil U20 manager Gallo are among those in the running to replace Scolari.