The former England midfielder, a Premier League title winner with Blackburn Rovers, was handed an 18-month contract in December following the sacking of Andre Villas-Boas but results since have been inconsistent.
Tottenham would not comment on a Sky Sports report that the 45-year-old Sherwood would be relieved of his duties in the summer, although more light should be shed on the matter later when Spurs host Sunderland in the Premier League.
Ahead of that game, Sherwood himself would not be drawn on the issue, telling Sky Sports: "I can't say much right now. What I can say is tonight is 'business as usual'.
"I'm setting this team up to win a football match for the benefit of the club and the 35,000 Spurs fans who will come and watch. I'll speak at a later stage."
Sherwood's future has been the source of much speculation since he publicly slated his team for a "lack of guts" after a 4-0 thrashing by London rivals Chelsea last month.
Netherlands coach Louis van Gaal has been linked with the Tottenham job once his World Cup duties are over.
"It's just one stage at a time and I've got six cup finals between now and the end of the season," former Spurs midfielder Sherwood told reporters ahead of the Sunderland match.
"It's really important to me that we show the fans something to make them optimistic about next season.
"It was a case of just cracking on. But whatever decisions I make are my decisions. If I'm going to go down, I'll go down my way."
Despite selling their best player Gareth Bale to Real Madrid in August, Tottenham were strongly tipped to challenge for a top-four finish in the Premier League after investing nearly 100 million pounds in new signings.
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