Sherchan had left for the Everest base camp this Sunday, leading a seven-member team.
Mr Sherchan died at base camp on Saturday evening after a suspected heart attack, according to Nepali officials.
An 85-year-old man from Nepal, who was attempting to become the oldest person to climb Mount Everest, has died. The cause of death was not immediately clear, but mountaineering official Gyanendra Shrestha, who is at the base camp, said he likely suffered cardiac arrest.
Min Bahadur Sherchan was on way to the 8,850-metre (29,035 feet) Everest Summit to claim the oldest climber's record now held by 80-year-old Yuichiro Miura of Japan who climbed in 2013.
Prior to his fateful attempt, Sherchan insisted he wasn't trying to outdo Miura.
"My aim is not to break anybody's record, this is not a personal competition between individuals".
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He said Steck, who climbed Everest in 2012, "slipped and fell 1,000 meters" in the Western Cwm along the normal route to Everest. He was the grandfather of 17, and the great-grandfather of six, the website reported.
Last year, the government announced that it would stop issuing summit certificates to Sherpas and only officially recognise the climbs of foreigners who pay permit fees, which comes around United States dollars 11,000, for permission to summit the Everest.
Almost 750 people are expected to try and climb Everest during the small window of opportunity afforded by the weather.
Hundreds of climbers have been on Everest for weeks to acclimatise before making a bid for the top.
In 2015, he again had to strike off his goal after a devastating quake struck the country.
The large number of climbers has raised fears of risky traffic jams on the 8848 meter (29,029 foot) slope.