According to media reports, the incident took place when an identified gunman shot dead Philander's 32-year old brother Tyrone, who was delivering water to a neighbor in Ravensmead locality of Cape Town on Wednesday afternoon.
As per reports in South African media, the police have confirmed that they are carrying on an investigating into the murder, while the shooter was still on the run.
An African News Agency (ANA) reporter said his shattered mother Bonita, accompanied by a family member, watched in horror as her son's body lay in the street. It has also been learnt that the assailant is still at large.
Vernon, who bid farewell to international cricket earlier this year, issued a statement on social media to thank the public for their messages on supporting his family during this difficult time.
"Our family is coming to terms with the brutal murder in my hometown of Ravensmead earlier today. I would like to ask that the family's privacy be respected during this difficult time," he said in a statement on Twitter.
"The murder is now the subject of a police investigation and we respectfully ask that the media give the police the space to conduct a thorough investigation. There are no details around the incident at the moment and speculation will make it very difficult for us as a family to mourn in peace. Tyrone is forever in our hearts. May his soul rest in peace," he added.
Philander announced retirement from international cricket after representing South Africa in his last Test engagement against England. Hailed as one of the best swing bowlers of his generation, Philander played 64 Tests, 30 ODIs and seven T20Is in which he scalped 224, 41 and 4 wickets respectively.