Three years on from losing to Italy on penalties in the final of the Covid-delayed Euro 2020 tournament, England battled their way into the showpiece event at Euro 2024, despite a string of underwhelming performances.
However, England's luck ran out on Sunday at the Olympiastadion in Berlin where Spain deservedly won 2-1 to clinch an unprecedented fourth European Championship title, inflicting further pain on the Three Lions whose wait to win their first major trophy since the 1966 World Cup goes on.
Substitute Cole Palmer equalised for England in the 73rd minute to cancel out Nico Williams's opener just 69 seconds into the second half, but Spain snatched victory four minutes from time when Mikel Oyarzabal slotted a close-range finish past Jordan Pickford.
Southgate's future is now the subject of much speculation having been heavily criticised for his tactics and not getting the best out of a highly-rated squad that was dubbed favourites to win Euro 2024 prior to the tournament.
Allardyce suggests Southgate may call time on England job
The 53-year-old has won 61 of the 102 games he has managed for England and has taken the Three Lions to at least the semi-final stage in three of the last four major tournament since his appointment in 2016.
However, Southgate's predecessor Allardyce believes a change in the dugout could now be on the cards, telling Good Morning Britain: "The one thing Gareth has to think of is (he's been manager for) eight years. Who was the last England manager to last longer than eight years?
"It's a long time to soak up the pressure that's upon you and maybe it's the time where he thinks that his tenure has been long enough."
Commenting on the criticism Southgate has faced at Euro 2024, Allardyce said: "We seemed to not be able to find the right system for the talent pool we had, which is very difficult when you've got so much talent.
"It was a little disappointing but overall Spain were the better side. The other matches where the opposition weren't as good as we were, you could maybe criticise a bit more about our attacking play."
Terry wants Southgate to continue as England boss
Meanwhile, former England defender John Terry hopes Southgate can continue as England manager, as he believes he has done an "incredible job" during his eight-year reign.
"Gareth has been so composed and dealt with the criticism really, really well throughout," said the 78-cap England international.
"A lot of ex-players have been really critical of Gareth and the team - these are players that didn't get further than a quarter-final and they criticise a manager who has done an incredible job.
"I'm sure there will be offers for Gareth in the Premier League or around the world but I think he believes there's a trophy to win with this group of players. I really hope he stays because he's been fantastic."
Southgate's contract is due to expire in December and he refused to comment on his England future in the immediate aftermath of Sunday's defeat to Spain.