Former Tottenham boss Sherwood was brought in to the Robins last November by chairman, and long term friend, Lee Power.
Sherwood’s role was to “head up all aspects, including transfers, the way we play, the formations and the picking of the team”, according to Power on his appointment.
He was often seen on the Swindon bench with head coach Luke Williams in a confusing union.
But the partnership unraveled as the Robins only won seven of their 31 games after Sherwood’s introduction to drop out of League One.
Ex-Aston Villa chief Sherwood also received a touch-line ban in March after unleashing a foul-mouthed rant at referee Mark Brown – after losing to rivals Bury.
Swindon have since appointed David Flitcroft, who with Power decided to change the club’s structure – with the former Barnsley gaffer insisting on having sole control over transfers.