The former goalkeeper, who was recently linked with a move to England to replace Kenny Jackett at Wolverhampton Wanderers, has coached Spain at youth level extensively, having led the national under-19, under-20 and under-21 sides.
He led Spain to the title at the 2012 European Under-19 Championship in Estonia and the following year to the U21 European Championship in Switzerland, with a team who included David de Gea, Koke, Isco and Thiago Alcântara.
The 49-year-old has been available since being dismissed by Porto in January. The club acted after going three games without a victory, including a 2-0 defeat to the leaders Sporting Lisbon.
Del Bosque, who led Spain to the 2010 World Cup and European Championship glory in 2012 after taking over from Luis Aragonés in 2008, stood down after the Euro 2016 elimination by Italy.
He told the Spanish radio station Radiogaceta Sports: “I have no intention to remain as coach. No matter what the result of the Euros, I had no doubt about what my future would be.”
Spain won their opening Euro 2016 games against the Czech Republic and Turkey before a 2-1 defeat by Croatia meant they finished as Group D runners-up, leading to the second-round match against Italy.
They will play Belgium in a friendly on 1 September before beginning their qualifying campaign for the 2018 World Cup against Liechtenstein four days later. The other teams in Spain’s qualifying group are Italy, Albania, Israel and Macedonia.
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