"It's the beginning of a renovation, with the goal being the 2014 World Cup and the  London Olympics," Menezes said.
"We understood that some of the players needed a momentary rest. With time, we will probably have them back in the national team."
However, he added that some players will naturally lose their spot because of age. Brazil arrived at the World Cup with the tournament's oldest squad, with an average age of over 29.
Eleven players summoned into the squad were receiving their first call up.
AC Milan striker Alexandre Pato and Liverpool midfielder Lucas, who both missed out on the World Cup, were reselected.
Menezes accepted the Brazil job on Saturday, a day after Fluminense's Muricy Ramalho rejected the offer because his club would not release him from his contract.
Dunga was fired just days after Brazil's elimination at the hands of The Netherlands, with his defensive tactics heavily criticised at home.
"Dunga's team was disciplined tactically and that was positive," the former Cornithians coach said.
"That's what I want for Brazil, to be well-organised tactically. Because with the talented players that we have, we will always have the capacity to win."
Brazil will host the World Cup in 2014 for the first time since 1950.
"The World Cup in Brazil will make things harder in a way, but we also will have bigger support,'' Menezes said. "We need to be ready to overcome the pressure and to be in position to win the title."
Goalkeepers: Renan (Avai), Jefferson (Botafogo), Victor (Gremio).
Defenders: Rafael (Manchester United), Marcelo (Real Madrid), Andre Santos
(Fenerbahce), Daniel Alves (Barcelona), David Luiz (Benfica), Henrique
(Racing Santander), Rever (Atletico Mineiro), Thiago Silva (AC Milan).
Midfielders: Ederson (Lyon), Carlos Eduardo (Hoffenheim), Hernanes (Sao
Paulo), Paulo Henrique Ganso (Santos), Lucas (Liverpool), Jucilei
(Corinthians), Ramires (Benfica), Sandro (Internacional).
Strikers: Robinho (Santos), Neymar (Santos), Alexandre Pato (AC Milan),
Andre (Santos), Diego Tardelli (Atletico Mineiro.