Hierro was placed in temporary charge of the team after Julen Lopetegui was sacked on the eve of the tournament.
Spain are set to hire Luis Enrique as the new manager of the national team after Fernando Hierro declined an offer to stay in the role.
Spain only won one game at the World Cup, against Iran, and drew their other two group matches vs. Portugal and Morocco.
A bustling forward or midfielder, he made 157 appearances for Real Madrid over five seasons scoring 15 goals and then played 207 games, scoring 73 times, for Barcelona over eight seasons.
At the last count, Enrique has won La Liga silverware with both Real Madrid and Barcelona alongside the league, cup and Champion League treble as boss of the Nou Camp dwellers.
The 48-year-old signed a two-year contract just a day after interim boss Fernando Hierro left his post.
Fernando Hierro was given the job on a caretaker basis, to at least initially see Spain through this summer's World Cup.
UPDATE: The Spanish FA have since confirmed Enrique as the new manager of the national team. He followed it up with a domestic double in the 2015-16 campaign.
Luis Enrique has been on a sabbatical since leaving Barcelona in May 2017 and was a reported target of Paris Saint-Germain and Chelsea in April.
Earlier on Monday, Jose Francisco Molina, a former goalkeeper for Atletico Madrid and Deportivo La Coruna with nine caps for Spain, was appointed as the federation's sporting director.