The four-time World Cup champions lost to Bosnia and Herzegovina in a play-off final on penalties after surrendering an early lead. Italy's sports minister Andrea Abodi had called for leadership changes after Gravina oversaw two sets of disappointing World Cup qualifiers.
The federation will hold an extraordinary assembly on June 22 to elect a new chief, while manager Gennaro Gattuso is expected to follow Gravina out the door. Italy's wait for a World Cup appearance since 2014 continues despite the tournament expanding to 48 teams.