Everton are pushing for a top four finish in competition with Spurs.
Sherwood gushed: "The way they have built their club and team, they've gone about their business very, very quietly.
"They acquired three loan signings and made themselves a title challenger, really, with the likes of Romelu Lukaku, Gareth Barry - probably two of the best players in the Premier League last season - and Gerard Deulofeu from Barcelona, who could be anything.
"They went about their transfer business fantastically well and they've put themselves in a position.
"I think Roberto Martinez has done a tremendous job so it is going to be difficult to catch them. I think they are going to be the lead runners on that."
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