The former US President died on Friday at the age of 94, a family spokesman said.
"The Palace is deeply saddened by the news of the passing of former President George Herbert Walker Bush of the United States of America", Palace Spokesperson Salvador Panelo said in a statement.
The drawing memorializing President Bush depicts him arriving to heaven in a TBM Avenger war plane, which he flew during World War II.
Despite standing on opposite sides of the political lines, George H.W. Bush and Barack Obama became close friends forming an unlikely bond before his predecessor's death.
President Donald Trump said: "Through his essential authenticity, disarming wit, and unwavering commitment to faith, family, and country, President Bush inspired generations of his fellow Americans to public service to be, in his words, "a thousand points of light" illuminating the greatness, hope, and opportunity of America to the world".
Bush's wife and former first lady Barbara, died at the age of 92 on April 17, and he was survived by his five children, including former president George W. Bush and former Florida Gov. Jeb Bush.
James A. Baker III, secretary of state in the Bush administration, stated that "The legacy of George H.W. Bush will be forever etched in the history of America and the world".
[He] was a man of the highest character and the best dad a son or daughter could ask for. U.S. Envoy to China. "Vice President of the United States". "We had the chance to work together during the time of enormous changes", former Soviet leader Mikhail Gorbachev said in comments carried by the Interfax news agency.
"Former President George H W Bush was passionate about strong relations between India and USA".
The small, oil-rich nation of Kuwait is offering its condolences for Bush, who led the 1991 Gulf War that freed it from Iraq.
Foreign Minister Heiko Maas said Bush had been "among the architects of German unity" who supported unity "without reservations" from the start.