Following the squad's loss in the Copa America final earlier this month, the focus now shifts to the Olympic team, with Brazilian fans anticipating winning gold.
Five years ago, Brazil held the home advantage when Neymar gave Brazil their first gold medal in men's football thanks to a Weverton penalty save.
The team put together to defend their title is quite formidable, but there are five players you should keep an eye on.
Matheus Cunha was the leading scorer in qualifying with five goals, and he has an outstanding record for the U23 team. He's appeared 19 times and has 18 goals to his credit.
Cunha was a significant player for Hertha Berlin in the German Bundesliga season 2020/21, scoring four goals and contributing four assists. He can play as a number nine, on the left-wing, or behind the striker.
He's a classic clever winger who dribbles quickly and isn't hesitant to dash at defenders to knock them on their heels. Expect something to happen when he's on the field. The 21-year-old is a player who can light up any game in the blink of an eye.
Guimares decided to join French club Olympique Lyonnais after winning the Copa do Brasil and Copa Sudamericana with Atlético Paranaense.
He had to adjust to European football swiftly, which he did, helping his new club reached the Champions League semi-finals in 2020.
The 23-year-old midfielder's primary responsibilities are to keep possession of the ball and drive it into attacking areas for his team. Guimares can transform defense and offense in the blink of an eye and direct the play to his preference, whether it's with a pass or a gut-busting run.
Gabriel Menino has already accomplished what other players will only be able to dream of at the age of 20. He was a vital figure in Palmeiras' treble-winning season last season, which featured a Copa Libertadores success and a berth in the competition's team of the tournament.
Menino is a versatile player who can play in midfield or at right-back. He's had a lot of success as a fullback because of his ability to run up and down the right-wing.
When playing defense, his right-footed weapon can deliver the perfect cross for his teammates to catch.
He's feisty and loves to throw in a strange, often nonsensical trick, yet he's always attractive.
Gabriel will be hungrier than ever for some game time after a year of injuries, and the Olympics could be the perfect competition to get his career back on track.
Martinelli has already won over Arsenal supporters with his reckless attitude and eagerness to rush at everyone in his path after 48 appearances over two seasons. The Gunners supporters will never forget his goal against Chelsea.
He's quick and, despite his youth, has a calm demeanor in front of goal, which is crucial in international competitions.