Former Chiefs defender Bhasera was one of the English League Two side’s Players of the Year in the recently ended season, but is yet to accept a new deal tabled for him by the club.
Sheridan said they have an equal chance of keeping the 27-year-old left-back as much as losing him.
“I don't know. It's probably 50-50,” Sheridan told the Plymouth Herald.
"We haven't heard anything from him but he's a player I want to keep at the club. On the form he showed towards the end of last season, I think he's the best left-back in the division, and he has played in the Championship,” he said.
There has been interest for Bhasera from a number of English and Belgian clubs.
Championship side Sheffield and League One outfit Walsall have expressed interest for Bhasera together with League Two sides Northampton and Shrewsbury Town.
Belgian sides Oud-Heverlee Leuven and Cercle Brugge have also been tracking the former Kaizer Chiefs man who is referred to as Bas at Plymouth.
“I'm not stupid. I knew there was going to be interest in Bas from other clubs. He has been on good money (at Argyle) but we have made him a good offer. Hopefully, he will think about it and come back to us. If not, we will have to fill that area of the squad,” said Sheridan.
Bhasera has been with Plymouth since March 2010 and has since made 105 appearances, scoring thrice in the process.
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