The Spireites are without a win so far this season as they aim for an immediate return to League One following their relegation last term.
Sheridan joined the club at the start of the 2009/10 season and won promotion the following year.
The former Sheffield Wednesday midfielder led Chesterfield to victory in the Johnstone's Paint Trophy at Wembley last season - the first time the club had won the competition in their history.
But he was unable to stop their slide into the Football League's basement division and the club have relieved him of his duties following a slow start.
Source: PA
Source: PA