Sherwood lost his job on Tuesday 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.
Few managers are seeing their odds shorten right now, but one who has is Napoli boss Rafa Benitez. The former Liverpool manager recently spent an ill-fated spell with Chelsea, yet Spurs chairman Levy is reportedly a huge fan of the Spaniard, and could try to tempt him back to the Premier League. The third favourite for the job, Benitez is now as short as 11/2 to be the next man in the hot seat.
Another shock mover in the market is former Spurs striker Jurgen Klinsmann. The German is still considered a hero by Spurs fans, and will manage the United States national team at this summer's World Cup in Brazil. After that tournament, Klinsmann could look to move back to club management, and a return to North London may appeal - and the bookmakers agree, moving him down into 24/1.
German coach Thomas Tuchel was always an outsider for the job, but he continues to see his odds lengthen by the day. The 40-year-old is highly regarded in the Bundesliga but has now left Mainz, with a move to Schalke strongly rumoured. That has caused his odds to be Spurs boss to drift out, with 33/1 now available on Tuchel arriving at White Hart Lane.
Another boss who continues to drift out is Ajax's Frank de Boer. The Dutchman was strongly considered as the hot favourite once Louis van Gaal became the favourite at Manchester United, but the former Barcelona defender seems insistent on continuing his fine work in Holland, having won the Eredivisie title three years in a row.
The favourite ever since Sherwood was sacked has been Southampton boss Mauricio Pochettino, and there is no change as the Argentine is still odds-on to take the job. His fine work with the Saints this season has caught the eye, but many believe the former Espanyol manager has taken them as far as he can.