Romario, who is now a congressman, is concerned about reports money earned from friendlies involving his country has been funnelled into a business owned by Barcelona president Sandro Rosell.
Romario, who played for Barcelona and PSV among other clubs in a glittering career, said he would dismiss the entire CBF and investigate their business dealings for the past two decades.
"I would sack all the directors and members of the CBF and hire a company to carry out an audit of the last 20 years," Romario told Brazilian newspaper Estadao.
"I wouldn't even spare one of them."
The newspaper claimed the CBF had funnelled $1.6 million since 2006 into the company Uptrend Development, which is owned by Rosell.
Romario has called for government intervention into the CBF, which is a private body yet have 'stopped paying federal taxes'.
"They have to give an explanation to the people. They should be obliged to clear everything up," Romario said.
