Fabio Capello, Glenn Hoddle and Southampton boss Mauricio Pochettino have emerged as contenders for the position in the longer term but Sherwood, who is already on the coaching staff at White Hart Lane, is set to be in charge for the Capital One Cup quarter-final at home against West Ham on Wednesday.
His interim role could be extended for a longer period depending on the club's search for a permanent successor.
In a short statement, Tottenham said: "The club can announce that Tim Sherwood, Chris Ramsey and Les Ferdinand will take charge of the first team whilst the club progresses discussions. Steffen Freund and Tony Parks continue as part of the coaching staff.
"Jose Mario Rocha, Luis Martins and Daniel Sousa leave the coaching staff and we wish them well for the future."
Villas-Boas' spell as Tottenham manager came to an abrupt end after the club announced the 36-year-old had been sacked, a day after Spurs' 5-0 home defeat to Liverpool.
That result, which followed a 6-0 drubbing by Manchester City last month, appears to have been the final straw for the Spurs chairman Daniel Levy who delivered the coup de grace in person at the club's training ground in Enfield.
Tottenham said in a statement: "The club can announce that agreement has been reached with head coach, Andre Villas-Boas, for the termination of his services.
"The decision was by mutual consent and in the interests of all parties."