The Greeks failed to negotiate a way through Group B, finishing third behind Argentina and South Korea.
Rehhagel also came in for criticism for the way he set up his team for Tuesday night's clash with the Argentinians in which they showed little appetite to go for three points, and instead appeared intent on simply shackling the South Americans.
Nevertheless, Rehhagel leaves following a period of unparalleled success in Greek football. The crowning glory came in 2004 when Rehhagel memorably masterminded Greece's UEFA EURO 2004 success which earned him the title of 'King Otto' in the Mediterranean nation.
He also led Greece to EURO 2008 and this summer's FIFA World Cup in South Africa, where they secured their first ever points at the finals with a 2-1 victory over Nigeria.