The former Villa boss was dismissed on Sunday after their sixth straight defeat left them rooted in the Barclays Premier League relegation zone and without a win since the opening day.
He was axed just eight months after replacing Paul Lambert in February
Sherwood had kept Villa up last season as well as leading them to the FA Cup final in May, where they lost 4-0 to Arsenal
Ex-Lyon boss Remi Garde is the favourite to replace him and Sherwood released a statement via the League Managers' Association following his departure from Villa Park
He said: "I am very disappointed that I will not be able to carry on in my role as manager of Aston Villa.
"I knew when I took on the role that it would be a big challenge, but it proved to be one I greatly enjoyed and I know I have learned a lot from this experience.
"Obviously, the initial priority was to stay in the Premier League, but beating Liverpool in the FA Cup semi at Wembley and then leading the team out for the final was an achievement and experience that I will treasure for the rest of my career.
"I'd like to thank my coaching staff and the staff throughout the club for their dedication, the Villa fans for their passionate support and the players, who gave everything during my time at the club
I wish the club all the best for the rest of the season and indeed for the future."
Source : PA