Thailand opted to sign ex-Ghana coach Milovan Rajevac at the expense of Brazilian legend Dunga and former Barcelona manager Frank Rijkaard.
The Serbian was confirmed the new manager on Wednesday after he was interviewed for the job last week.
The 63-year-old Serb was picked from a shortlist that included the former Brazil coach and World Cup winning captain Dunga and former Barcelona manager Frank Rijkaard -- all of whom would have demanded handsome salaries for their services.
Rajevac has been available after a brief stint with the Algerian national team.
"The association spent almost one month looking for a coach, with capable coaches from around the world expressing interest," the Football Association of Thailand (FAT) said in a statement.
"Milovan Rajevac... has been chosen," after consideration for his "plan and working philosophy, readiness for work as well as his staff."
Rajevac took control of Ghana in 2008 and led the last eight of the 2010 World Cup where they lost a shoot-out to Uruguay after striker Asamoah Gyan missed a last-minute penalty that would have taken them to the semi-finals.
"He will immediately have to look for players who play his style," Withaya Laohakul, vice president of the FAT told reporters. "He will be able to fix our team's weak points."
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