The manager says a player exodus could happen if the club again fails to qualify for the Champions League, but is confident of still attracting big names.
A hard-fought win over positional rival Everton has boosted the club's top-four hopes, but it still trails fourth-place Liverpool by three points. And Sherwood fears a lack of Champions League soccer could lead to a White Hart Lane exodus, although he has no doubt the club could attract players of equal caliber.
"At other clubs, these players will go and sit on bench and pick up championship medals, which is not what I would have done. This club sell themselves and are bigger than any manager. It’s a massive club, and players will come if they want. They know full well what this club can offer.
"If the be-all and end-all is the Champions League and we’re not in it, they have to make a decision."
Sherwood said he does not underestimate how important a top-four finish would be for Spurs, but knows how big a task lies ahead if they are to achieve that goal.
"It's massive for the club," he added. "We all want it, but so do Manchester United, so do Liverpool, so do Arsenal. Our target is fourth place, it always has been. If we can get higher than that, great."