The 43-year-old former player has a proud history with Rovers, having captained them to the 1995 Premier League title, and would surely command a high level of respect from the supporters after their concerted campaign to force previous boss Kean out of his role following the club's relegation to the Championship.
However, Sherwood has stated that he is happy at Spurs and looking forward to the future in London.
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"That's all they are - just rumours," he said. "That's all I know about it. I love what I do. I'm happy at the football club - it's a great project."
Sherwood has been a part of the backroom staff at Spurs since 2008, and is heavily involved with the youth team, and the current instability at Rovers would represent a potentially unstable introduction to club management.
However, Tottenham manager Andre Villas-Boas has stated that he would not stand in Sherwood's way were he to make himself available for the position.
"I can't comment on the Blackburn situation because I have Steve Kean as a friend and I respect him," the 34-year-old Portuguese said.
"But if Tim is a candidate, he has to make a personal decision and speak to the club."