Mano Menezes is looking forward to the challenge ahead after being named as Brazil's new manager.
Menezes, the Corinthians manager prior to his invitation to manage the five-time world champions, was unveiled by the Confederation of Brazilian Football (CBF) after Fluminense boss Muricy Ramalho snubbed an approach to take the role.
Dunga was relieved of his duties after Brazil's World Cup in South Africa ended at the quarter-final stage following a 2-1 defeat to eventual runners-up Holland.
Menezes will now be charged with rebuilding the Samba nation ahead of the 2014 World Cup, which is being hosted in Brazil.
After holding talks with CBF president Ricardo Teixeira, the 48-year-old felt he was up to the task of managing the football powerhouse.
"I was very happy during my two years and seven months in Corinthians, which will remain forever with me in my career," said Menezes at a press conference in Sao Paulo.
"Before responding officially, I needed to say goodbye to everyone in the club. Now I am ready to face the challenge, but also to realise the dream of every coach.
"As you are already aware, yesterday at around 7.30pm or 8pm, I received the official invitation by the CBF to officially take up the coaching command of the Selecao.
"We had a long talk, Ricardo Teixeira and I, and he explained to me what the CBF has as an idea for the project of 2014.
"I asked important questions, and asked him after the conversation, that I could have an official position from now. And that is what I came here to do: to confirm it all. I accept the invitation that the president made to me.
"We will have from now the direction of some other situations, because you will understand that for me, this is all new since last night. For all of Brazil, from now, I say that I accept the invitation."
Ramalho looked to be in line to take the job on Friday evening after receiving an offer Teixeira, only for the Fluminense man to rebuff the offer, claiming it would turn out to be a 'short horror film'.
The club itself said they were not prepared to release their man to take over the biggest job in Brazilian football, leaving the authorities looking elsewhere for their appointment.
That emerged in the form of Menezes, who shot to prominence in 2005 by guiding Gremio into the Brazilian top flight before leading them to the final of the Copa Libertadores two years later.
He took charge at Corinthians in late 2007, taking the club to promotion from Campeonato Brasileiro Serie B before winning the Campeonato Paulista and Copa do Brasil last year.
And he was nonplussed by the concern of being the CBF's second choice man for the vacant position.
He went on: "Very much the contrary, I am very proud. We must have in Brazilian football some 50 outstanding professionals. If I'm second, I am well placed.
"And I'm second to Muricy, who I very much admire as a person. During the week, the matter went between Muricy and Mano, Mano and Muricy...I shouldn't analyse why the first invitation had no result.
"The second was made to me, and I am proud and happy. I have taken into consideration what is necessary to bring into this job
Menezes will be officially unveiled on Monday when he will also reveal the squad for his first game in charge - a friendly against the United States on 10th August.
He has been briefed by the CBF to return the team to an attacking style of play more usually associated to the country, while the two parties agreed placing an emphasis on players who ply their trade in Brazil.