Spurs chairman Daniel Levy is planning to replace Sherwood at the end of the season.
Redknapp, who gave Sherwood his first chance in coaching when he took him to Spurs in 2008, said: "Of course other clubs will want him. Tim has done a good job at Tottenham but it seems he is not going to be there next year.
"It is a funny-old situation. No one has come out and said he is not leaving. I like Tim and I hope he does well. I have got a lot of time for him. He tells it as it is, he is not a bulls*****r."