The club's technical coordinator will take charge of Spurs' Capital One Cup match Wednesday alongside striker coach Les Ferdinand following the sacking of Andre Villas-Boas.
Sherwood, who acts as the club's technical coordinator and has a good relationship with Spurs chairman Daniel Levy, has been handed the reins to oversee Wednesday's visit of Sam Allardyce's men.
Villas-Boas was sacked Monday morning following a hastily arranged board meeting after seeing his side humiliated in a 5-0 defeat to Liverpool on Sunday.
Striker coach Ferdinand will join Sherwood in the dugout for the match, with the Tottenham hierarchy hopeful of appointing the Portuguese's permanent successfor swiftly in order to ensure as smooth a transition as possible from one regime to another.
It is understood that former midfielder Sherwood, who spent four years as a player at White Hart Lane from 1999 to 2003 before returning five years later as part of Harry Redknapp's coaching staff, is being considered among a number of candidates for the permanent position.
Highly rated at the club, Sherwood was retained by Levy alongside Ferdinand despite Redknapp's sacking in 2012 and has worked closely with Villas-Boas at Tottenham's Spurs Lodge training complex in recent months.
The 44-year-old has been linked with a number of moves away from Spurs over the past 18 months, with the club having rejected an approach from his former club Blackburn in October 2012.
Fabio Capello remains the bookies' favorite to replace Villas-Boas on a permanent basis, with Swansea boss Michael Laudrup and Guus Hiddink having also been linked.