Barcelona have finalised their agreement to allow Neymar to play in this summer's Olympics but not in the Copa America.
Barcelona president Josep Bartomeu said last weekend that it would be "impossible to convince us" to allow Neymar to play in both tournaments, which would keep him active throughout both June and August.
By skipping the June tournament in the United States, Neymar will now have a two-month break to recover from the long club season before the Olympics begin in August.
And Barcelona have now sent a letter to the CBF confirming the plan, a source at the Catalan club said.
Because the Olympics are not an official FIFA senior tournament, clubs are not obligated to release their players to participate.
But with Brazil having never won the gold medal, the country is prioritising the Games in Rio de Janeiro over the Copa America Centenario, and a deal needed to be struck to ensure the presence of the country's top player.
Brazil coach Dunga had travelled to Spain in March to try to convince Barcelona to allow the 24-year-old to play at both events, but Bartomeu said Barcelona's decision has been made.