The Jamaican federation, which is $1.1 million in debt, is reportedly courting the Brazilian Rene Simoes, who guided the Reggae Boyz to the 1998 World Cup, which marked Jamaica's first appearance.
Milutinovic was reportedly on a $1 million a year salary.
Since the Simoes era, Jamaica has struggled. It failed to qualify for the 2007 Gold Cup before Milutinovic took over.
THE BORA FILE (National team coaching)
Reached quarterfinals of 1986 World Cup.
Costa Rica (1990)
Reached round of 16 of 1990 World Cup.
Reached round of 16 of 1994 World Cup.
Qualified for 1998 World Cup.
Reached round of 16 of 1998 World Cup.
Qualified for 2002 World Cup. Exited in first round of 2002 World Cup.