France's impressive tournament run was halted by a 2-0 defeat to La Roja in Dallas, Texas on Tuesday, ending their hopes of lifting the trophy for a third time under Deschamps.
Les Bleus will now meet the loser of the England versus Argentina semi-final in their final fixture of the competition.
Having announced in January 2025 that he would leave the role after the 2026 World Cup, Deschamps will step down after 14 years in charge.
During the tournament he set a new benchmark by becoming the first coach to oversee 26 World Cup matches, eclipsing the previous record of 25 shared with former West Germany boss Helmut Schön.
The loss to Spain was an uncharacteristically subdued display from a France side that had dazzled in attack throughout the tournament. They managed just 10 attempts on goal - their fewest of the campaign - while generating only 0.3 expected goals despite entering the contest as strong favourites.
"It's not time to talk about the future," he said in his post-match news conference. "It is not important on a personal level whether I leave a competition in a semi-final or final.
"I am extremely happy. I am very proud of everything we've done to reach this stage and to win a World Cup - to take the French team to the highest level.
"I have been lucky as a player. I have enjoyed happy moments, today is not such a moment. We must accept it without forgetting everything we experienced."
Deschamps, who guided France to World Cup glory as a player in 1998 and as manager in 2018, is one of only three men to win the tournament in both roles alongside Brazil's Mario Zagallo and West Germany's Franz Beckenbauer.
Marc Guehi believes Argentina have more to lose when they meet England in Wednesday's World Cup semi-final in Atlanta, insisting the reigning champions are expected to win.
Kylian Mbappe admits France were unable to execute their gameplan against Spain in the World Cup semi-finals, as they were eliminated after a 2-0 defeat in Dallas.
Luis de la Fuente believes Spain have found their best form after guiding his side into their first World Cup final since 2010 with an impressive 2-0 semi-final victory over France.
Spain reached their first FIFA World Cup final in 16 years after putting on a football masterclass to convincingly beat France 2-0 at the Dallas Stadium.
