Sherwood lost his job last 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.
Across the market today, Galatasaray boss Roberto Mancini has seen his odds slashed. The former Manchester City boss reportedly contacted Tottenham in March over the possibility of replacing Sherwood, and the bookmakers may have heard something on the possibility of the Italian heading to White Hart Lane as odds are now as short as 7/1.
Yesterday, former Spurs striker Jurgen Klinsmann saw his odds cut and it's the same for another ex-Tottenham star today - only this time it's Gus Poyet. The Sunderland manager miraculously hauled the Black Cats away from danger with great results against Manchester City, Chelsea and Manchester United, and is now 25/1 to be the next manager at his former club.
Spurs fans recently voiced their displeasure at rumours linking former Manchester United boss David Moyes with the position, and the Scot's odds continue to drift out. His dismal spell at Old Trafford has harmed his reputation, and is now as long as 25/1 to be appointed by Spurs.
Former AC Milan manager Massimiliano Allegri was always going be an outside shot to take the job but had reportedly been considered with his compatriot Franco Baldini currently sporting director at White Hart Lane. It doesn't seem to matter much though, as Allegri is currently as long as 119/1 to take the job.
The continual favourite is Southampton boss Mauricio Pochettino. The Argentine has impressed on the South Coast this season despite many questioning the Saints' decision to sack Nigel Adkins in favour of the former Espanyol manager back in 2013. A young and ambitious coach, Pochettino is still the odds-on favourite to be the next Tottenham coach.