Italy manager Cesare Prandelli has resigned following Italy's 1-0 loss to Uruguay at the 2014 FIFA World Cup.
CNN and Gazzetta dello Sport reporter Tancredi Palmeri broke the news via Twitter Tuesday afternoon.
Italian Football Association President Giancarlo Abete has also resigned, according to Palmeri.
Prandelli was unable to lead Italy into the knockout stage, as the team finished third in Group D with a 1-0-2 record.
After defeating England 2-1 in the tournament opener, Italy suffered back-to-back 1-0 losses to Costa Rica and Uruguay.
The now-56-year-old took over the Italian national team in 2010, replacing Marcello Lippi after Italy failed to advance past the group stage at the 2010 FIFA World Cup in South Africa. He guided Italy to the Euro 2012 Final in his only other major international tournament, though the Azzurri would lose 4-0 to Spain.
He had signed a two-year contract extension to manage the national team through Euro 2016 on May 26, 2014.