Cole has been struck down with hamstring problems and has been restricted to five starts and five sub appearances since joining at the start of the season.
Sherwood said: "He's very close. He's not broken by any means and he's got great experience.
"You'll hear me say this a lot but I like players on the pitch that actually affect the game and I think Joe can do that.
"He can score and he can assist. I don't like players who are just out there, I like them to affect football matches."