Both nations were unfortunate to be knocked at the last-16 stage in Brazil following some impressive performances in the group stage.
Mexico were just two minutes from reaching the quarter-finals after Giovani Dos Santos put them in front against the Netherlands in Fortaleza, but two late goals consigned them to a heartbreaking 2-1 defeat.
Chile were also left to reflect on what might have been following a defeat on penalties against the hosts in Belo Horizonte, but both teams came out of the tournament with their reputation enhanced and will be determined to kick on.
Mexico were boosted by coach Miguel Herrera's decision to sign a new contract until 2018 in July.
Herrera's exuberant celebrations were one of the highlights of the World Cup and Mexicans will be hoping to see more of the same in Russia in four years time, as well as the Copa America next year.
His immediate attention is on securing a victory over Jorge Sampaoli's Chile side in the first international fixture to be played at Levi's Stadium.
Defender Andres Guardado will captain Mexico in the absence of Rafael Marquez, who was not included in the squad as he settles in Italy following his move to Verona.
"Being captain is a big responsibility and if Miguel Herrera gives [it to] me is something that excites me so much, that motivates anyone," he said.
"For all is a dream to be captain of his team and hopefully [I] can be a worthy representative of this."
"In four years many things happen but we will try to maintain the level and try to be there," he said.
Atletico Madrid's Raul Jimenez is another notable absentee, but Erick Torres, Antonio Rios, Oswaldo Alanis and Luis Venegas were given a first international call-up by Herrera.
Chile, ranked 12th in the world, host the Copa America next year and midfielder Marcelo Diaz has stressed the importance of building momentum ahead of the prestigious tournament.
"We want to enjoy the Copa America with the intention of winning," he said.
"We'll be home and we are going to enforce. We are going to prepare these months to get in the best shape for the Copa America."
