Del Bosque confirmed to Spanish media on Thursday that he will stay in charge of Spain's national team until after the 2016 European Championships, which will be held in France, putting an end to speculation about the 63-year-old's future.
Spain entered Brazil 2014 as reigning champions and having won their previous three major tournaments (two European championships and the 2010 World Cup) but Del Bosque's ageing squad were thumped 5-1 by Netherlands in their first match and never recovered.
A 2-0 loss to Chile followed and although Spain finished Group B with a 3-0 win over Australia, they were eliminated, sparking calls for Del Bosque to end his tenure after six years at the helm.
"I've been in contact with the federation (RFEF) while I've spent some time away from it all and the six years of success far outweigh two poor games," Del Bosque said.
"The federation are feeling strong at the moment and they value the work I have done. We are feeling strong again and we are going to continue our work, in the same way we always have."
Although a number of Spain's more experienced players appeared off the pace at the World Cup, Del Bosque insisted he would not make huge changes to his squad, as he prepares to lead them to Euro 2016.
"We mustn't make drastic changes, just continue on the same path and tweak the odd thing," he said.
Del Bosque led Spain to their last European title in Poland/Ukraine, as well as the World Cup triumph in South Africa, while Luis Aragones was in charge when the Iberian nation won Euro 2008 in Switzerland/Austria.
After six years at the top of the football world, some believe Spain's golden generation - such as Xavi, Iker Casillas and Andres Iniesta - have nothing more to give on the international stage.
Del Bosque insists, however, there is no reason why Spain cannot win in France in two years.
"We can do better and get ourselves back on the right track," the former Real Madrid coach said.
"We'll try to successfully defend our title at the next European Championships."
