Sherman, who most recently was coach at Texas A&M, was 57-39 in six seasons with the Packers and won three NFL North titles. He was 25-25 in four seasons at Texas A&M and took two teams to bowl games.
The Bucs fired Raheem Morris on Monday after three seasons. Morris went 17-31, including a 10-6 mark in 2010, when the Bucs narrowly missed the playoffs. His entire staff of assistants was dismissed, too.
Information from ESPN NFL Insider Adam Schefter, ESPN.com senior NFL writer John Clayton and The Associated Press contributed to this report.