The winger has been linked with a loan move to Inter but the Tottenham manager believes the 21-year-old needs more time to adapt to the Premier League
The 21-year-old, who arrived at White Hart Lane in a £30 million deal from Roma in August, has struggled to secure a regular first-team place this season and has started just three games in the Premier League.
Inter have been linked with a temporary deal for the Argentina international, while Goal exclusively revealed on Thursday that Tottenham were adamant the winger would not be permitted to leave the club this month.
"He won't be leaving on loan in this transfer window. He has a big future here, absolutely," Sherwood said.
"We know what a talented player Erik is. We also understand that players need time to settle.
"He needs time to acclimatise to this country. He doesn't speak English and he isn't used to the pace of the games, especially over the Christmas period when they come thick and fast.
"He is not 100 per cent fit either. He's still feeling fatigued in one of his thighs so we were very cautious with him.
"We are going to take it nice and steady with him. I really want to put him on the stage when he's ready to perform, rather than let people judge him when he's half-cocked."