Sherwood lost his job earlier today despite winning over half of his games in charge of Spurs, and lasted just six months having replaced Andre Villas-Boas back in December. It remains to be seen what is next for the former England international midfielder, but Spurs chairman Daniel Levy will now be focusing his attention on bringing in a replacement.
The bookmakers have been fervently monitoring the situation for the next Tottenham manager, so here is a look at who is moving in the market today.
There has been speculation of late that Levy is a huge fan of former Liverpool boss Rafael Benitez, and despite the Spaniard only moving to Italy with Napoli last summer, it seems the bookmakers think there is something in the links, with Benitez moving into third favourite at 5/1.
Another familiar face who is seeing his odds crash is former Manchester United boss David Moyes. The Scot lost his job in April after a dismal spell in charge at Old Trafford, but having impressed previously at Everton, there is still hope that he can resurrect his managerial career. Moyes is also now as short as 5/1 to be the next Spurs boss - which may not go down well with the Tottenham faithful.
When it became apparent that Sherwood would struggle to keep the job at Spurs, Holland boss Louis van Gaal became the hot favourite to take over after announcing he would be returning to club football after the World Cup. However, United's sacking of Moyes means the former Ajax, Barcelona and Bayern Munich manager is now expected to take over at Old Trafford, and it's reflected in the odds as the 62-year-old is now drifting out to as large as 33/1.
The contingency plan in case they couldn't lure van Gaal was seemingly his compatriot Frank de Boer, who has done a superb job at Ajax in recent years, clinching his third successive Eredivisie title this season. At just 43, de Boer is considered one of the finest young managers in Europe, but is now out to around 27/10 to take the job.
After a superb season with Southampton, the favourite is Mauricio Pochettino. The Argentine has led the Saints into the top half of the Premier League table, harnessing the talents of Luke Shaw and Adam Lallana in the process and winning admirers too. One of those appears to be Spurs, with the former Espanyol boss around evens to be named the new boss in North London.