The 63-year-old guided the side to World Cup glory in South Africa four years ago, as well as winning the UEFA European Championship in 2012.
However, Spain crashed out of this year's finals at the first hurdle after a 5-1 thrashing at the hands of Netherlands was followed up by a 2-0 reverse to Chile at the Maracana on Wednesday.
That defeat left some observers to question whether this current crop of players have reached the end of an era, with speculation mounting over whether Del Bosque would stay on beyond the tournament.
In a press conference on Friday, Del Bosque gave little away regarding his future and was candid in his assessment of the team's performances in Brazil.
"We are in competition, I do not think that it is the time to talk about my future," he said.
"I will do what is best for all.
"My future decision will put the interests of the selection and the RFEF (Spanish Football Federation) above my own. I do not want to be an obstacle for the RFEF.
"I will try to be right with the RFEF. They have always treated me very well.
"It has been an exemplary coexistence which we have had here. We lost because our rivals have been better.
"The reasons of what happened are sports, nothing more.
"I am surprised. It was totally unexpected. We will try to look forward.
"In the World Cup every one of us has failed. Veterans, young players, coaching staff. Blame it on everyone."
