The Italian Football Federation (FIGC) has confirmed president Gabriele Gravina has resigned from his role after the Azzurri's latest failure to qualify for the World Cup.

Italy will watch a third straight edition of FIFA's flagship tournament from home after suffering a heartbreaking penalty shoot-out defeat to Bosnia-Herzegovina on Tuesday.

Moise Kean's early goal put Italy in control of their play-off final in Zenica, only for Alessandro Bastoni's red card to turn the tide late in the first half. 

Haris Tabakovic made Bosnia-Herzegovina's dominance count as they forced extra time following a 1-1 draw, then Francesco Pio Esposito and Bryan Cristante missed in the shoot-out and the hosts were perfect from the spot, extending Italy's wait for a World Cup appearance to at least 16 years.

They are the first former champions to fail to qualify for three consecutive World Cups, while Bosnia-Herzegovina will join Canada, Qatar and Switzerland in Group B.

Gravina's position was deemed to be in serious danger after the national team's latest shortcoming, and though he initially refused to quit, he tendered his resignation at an emergency FIGC meeting on Thursday.

In a statement, the federation said a new president will be chosen on June 22, with Gravina's exit also leaving the positions of head coach Gennaro Gattuso, technical assistant Leonardo Bonucci and head of delegation Gianluigi Buffon in doubt.

Italy only missed two of the first 20 World Cups, opting against participating in 1930 and failing to qualify in 1958.