Spurs are in a precarious position just one point outside the Premier League relegation zone as Igor Tudor has failed to win any of his league matches in charge of the club.
Pete O’Rourke of Transfer Insider has said that Tudor is set to leave the club, with them searching for a third manager of the season after Thomas Frank’s exit.
Sherwood has said since before Frank’s sacking that he wanted the job, as many have suggested following Manchester United’s approach of turning to someone familiar to the club amid a crisis.
Ex-Swindon boss Glenn Hoddle is another who has been suggested of late, with Harry Redknapp also receiving clamour from supporters.
But Sherwood, whose last job in football was with Swindon as Director of Football in 2017, has said that he would be able to get the job done.
Speaking on Sky Sports News, he said: “I don’t think that it is too late. I would keep them in the Premier League.
“I believe that someone with common sense keeps them in the Premier League, they have the quality to be able to do it.
“You have to get them feeling good again, you have to get confidence in the group, and you don’t get confidence by playing [Christian] Romero as a right winger, if you are Xavi Simons after Xavi Simons had his best game in a Tottenham shirt against Atletico Madrid.
“Xavi must be saying, ‘what have I done? You are playing someone out of position in my position when I just played very well.
“Play the players who carry a threat, but they have to know how to work as a team.
“Dominic Solanke and Richarlison will run all day for you, they will chase lost causes, so you can play a little bit more direct, and then go forward together and go back together.
“It is not complicated, but you must drill them every day in 11 against 11s, so they know exactly where they are.”
Sherwood was heavily involved during his time at Swindon, even coming down to the technical area and giving instructions during a game against Eastleigh, and Lee Power said his remit encompassed: transfers, style of play, formations, and picking the team.
He has previously managed Spurs and Aston Villa, but it has been almost ten years since he held a role at a club.