Tottenham chairman Daniel Levy could seek to promote from within to replace Andre Villas-Boas.
AVB's job is hanging by a thread after their thrashing by Liverpool.
Levy admires the work of Sherwood, who was promoted to the first team this season after several years in charge of the U21 squad.
Former Spurs boss Harry Redknapp brought Sherwood to the club in 2008.
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