The musician passed away at his home in London on Monday (05Mar12). He was 86 years old.
Together with his brother Robert, Sherman composed a number of songs for Disney, including It's a Small World (After All) and Supercalifragilisticexpialidocious.
The siblings picked up a Grammy and two Academy Awards in 1965 for their work on Mary Poppins and they were awarded a star on the Hollywood Walk of Fame in 1976.
Sherman's son Jeff confirmed the sad news in a post on Facebook.com, writing, "He went peacefully after months of truly valiantly fending off death. He loved life and his dear heart finally slowed to a stop when he could fight no more...
"He wanted to bring happiness to the world and, unquestionably, he succeeded. His love and his prayers, his philosophy and his poetry will live on forever. Forever his songs and his genius will bring hope, joy and love to this small, small world."
British pop star Tom Fletcher took to his Twitter.com page to pay tribute to Sherman, writing, "My friend & inspiration Robert Sherman has passed away. He was an amazing, lovely man & it was an honour knowing him. RIP Robert.
"If it wasn't for Robert Sherman then our childhoods would have been very different. Mary Poppins, Chitty Chitty Bang Bang, Winnie The Pooh... the list is endless and his music is timeless. He'll live on through his songs and will always be my inspiration & in our hearts."
Sherman also worked on songs for classic films including The Jungle Book, The Sword in the Stone and Bedknobs and Broomsticks.