Brazil started their home tournament as favourites and reached the semi-finals before being torn apart by Germany, who ran out 7-1 winners on a historic night in Belo Horizonte.
"For me, he stays," president elect of the Brazilian Football Confederation (CBF) Marco Polo del Nero, told Estado de Sao Paulo.
"What happened was a tactical error. That was the problem. But we all make mistakes. It can happen to anyone.
"The important thing is that he did a good job. The campaign and the preparations were good. A base exists."
Brazil will look to end the tournament on a high when they contest for third place against Netherlands later this evening.