Ivory Coast were on track to qualify from Group C and join Colombia in the round of 16 before Georgios Samaras scored a controversial 93rd-minute penalty to hand Greece a 2-1 win in Fortaleza on Tuesday.
While Greece advanced ahead of Ivory Coast by one point, it condemned the African nation to their third consecutive group-stage exit at a World Cup.
And Ivory Coast's failure has claimed the casualty of Lamouchi, who was a controversial appointment back in 2012 having had no previous managerial experience.
"My contract ended at this World Cup. It won't be renewed and you can understand why," the 42-year-old said post-game.
"It makes sense given we came up short at the Africa Cup of Nations and at the World Cup.
"I gave it my all for two years but my time with Côte d'Ivoire comes to an end tonight unfortunately. I really enjoyed my time with this team and I was very proud to represent this great nation."
Lamouchi added: "It was a cruel way to lose, but the Greeks did enough to win. We were one minute away from a famous result but the small details are what decide games at this level.
"I'm very disappointed and frustrated."
Lamouchi - a former France international - replaced Francois Zahoui in May 2012 but could only guide Ivory Coast to the quarter-finals at the Africa Cup of Nations in South Africa last year.
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