Italy became the first former champion to fail to qualify for three consecutive editions of the FIFA World Cup this week, losing its play-off tie against Bosnia-Herzegovina on penalties.

Italy's wait for a FIFA World Cup appearance will stretch to at least 16 years by the time the 2030 tournament rolls around, while the four-time winner has not played a knockout match on international football's grandest stage since beating France in the 2006 final.

The FIGC confirmed Gravina had issued his resignation on Thursday, and Buffon followed suit shortly after.

Buffon, whose 176 appearances for Italy made him the most-capped goalkeeper of all time and the most-capped player in Azzurri history, said he decided to quit immediately after the end of the Bosnia-Herzegovina match, only to delay his announcement.

"Resigning one minute after the end of the match against Bosnia was an urgent act, one that came from deep within me, as spontaneous as the tears and heartache I share with all of you," Buffon wrote on X.

"I was asked to hold off, to give everyone time to reflect properly. Now that president Gravina has chosen to step back, I feel free to do what I see as an act of responsibility.

"The main goal was to bring Italy back to the World Cup. And we didn't succeed. Representing the national team is, for me, an honour and a passion that has consumed me since I was a kid. 

"I tried to carry out my role by putting all my energy into it, linking all the teams, working with the various head coaches to structure a project that starts from the youngest and goes all the way to the Under-21s.

"All of this was to rethink the way we nurture the talents of the future senior players. It will be up to those responsible to judge the success of these choices.

"I carry everything in my heart, with gratitude for the privilege and the lessons that, even in this painful ending, this intense experience leaves me with. Forza Azzurri, always."

While Italy must watch the FIFA World Cup from home, Bosnia-Herzegovina will be the first opponent for co-host Canada on 12 June (AEST) in Toronto.