The FAS made the announcement after reviewing the national team's displays during the third round of qualifying for the 2014 FIFA World Cup, when they lost all six of their matches.
National coach Raddy Avramovic had earlier submitted a post-campaign report that outlined the key factors which had impacted on the team's performance during the matches, as well as the recommendations aimed at improving the Lions' performances in future competitive campaigns and tournaments. The details of the report were discussed during FAS ExCo and Council meetings on Tuesday.
The key factors cited by Avramovic included defensive lapses and a lack of squad depth, especially when several players were not able to participate in the team's last four group matches due to various reasons including National Service commitments .
The players' level of international match fitness, especially in the final four matches, was also singled out as an area which needs to be improved. Among his recommendations, Avramovic stressed the need for the team to play more friendly matches as well as to rectify the technical and tactical mistakes committed by the team during the qualifying campaign.
FAS President Zainudin Nordin said: "We had earlier set two targets for the national team in 2011/2012: To qualify for the third round of the 2014 FIFA World Cup Asian Zone Qualifiers, and to reach the final of the 2012 AFF Suzuki Cup (later this year).
"We have achieved the first target, although we should have performed better. The ExCo and Council have since studied the national coach's post-campaign report as well as his key recommendations. The Technical Department will work with the National Coach to rectify the technical and tactical mistakes committed by the team during the qualifying campaign.
"At the same time, the FAS management will spare no effort in ensuring that the national team receives the best pre-tournament preparations, wherever possible, for the year-end Suzuki Cup."
Mr Zainudin added: "The performance of our footballers, especially the young emerging players, in the S.League and Malaysian Super League in the first few months of 2012 has given us every reason to be optimistic that Mr Avramovic and the national team will fulfil our target of reaching the Suzuki Cup final later this year.
"We're in the process of rejuvenating our national team and we will continue to develop our emerging youth players, many of whom have gained invaluable experience and exposure in the World Cup qualifying matches.
"We appreciate and thank all our stakeholders, including the fans and media, for their support during the Lions' World Cup qualifying campaign, and we seek their continued support as the Lions strive to grow from strength to strength."