The Tottenham head coach does not expect to bring in any players before the close of the transfer window as he believes his squad does not need any further strengthening.
The club spent heavily in the summer, following Gareth Bale’s departure to Real Madrid, and Sherwood says Levy has offered to dip into the market again.
"It's very very unlikely, unless something dramatic happens," Sherwood told the Tottenham Journal. "Certainly I'm happy with the squad, happy with the numbers. If the window closed now I'd be fine.
"To be fair Daniel's always asking: 'Are you sure you don’t need to strengthen in this area? Can I help you in this or that area?'. I'm saying: 'Look, I’m confident in the players we've got and I don’t need any help to strengthen, thanks very much'.
"I think I’ve said from day one that we've got a lot of players at the club, and I've not changed my opinions just because it's deadline day. I know it's hectic out there, I know the fans will be out there and they'll want another 10 signings, but believe me it's not always the correct way to go about it - just to buy players and throw them at a manager."
Tottenham had been linked with a move for Dimitar Berbatov, who now looks set to move to Monaco, and Sherwood says he is happy with the strikers he currently has at his disposal.
"Fans will want strikers. What they've got to look at is that we signed seven players in the summer, and not a lot of teams have done that. We've spent an awful lot of money, so we’re strong enough," he added. "As I've said we’ve got strikers at the moment who can do the job, and I’ve got confidence in the numbers that we’ve got here between now and the end of the season.
"We need some of them to gel. It's like putting a jigsaw together and hopefully we've got some players who are coming back to fitness, which is very important for us, and I’ve got real trust in this squad to take us where the club want to go."