The Egypt Olympic team will play the remaining two CAN 2012 qualifiers games.
The Egypt first team are languishing at the bottom of Group 7 with two points from four games, trailing leaders South Africa by six.
the Olympic team, managed by Hany Ramzy, made it to the 2012 Olympics qualifiers group stage after beating Sudan in June.
Zahers declaration means that Ramzy will be leading Egypt on a temporary basis, following the departure of Hassan Shehata last month.
The Pharaohs are still in search of a manager though, with Bob Bradley, Francisco Maturana and Zoran Filipovic tipped for the hot seat.
Watch Hany Ramzy comments on Al Ahly TV:
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