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.
One of the biggest shocks in the market today has been the movement surrounding ex-Chelsea boss Claudio Ranieri. The 62-year-old Italian was today let go by Monaco, and has instantly been slashed to as low as 14/1 to take the Tottenham job. Having last managed in England back in 2004, it would be a huge surprise to see him return to the Premier league now.
There continues to be steady movement on Ajax boss Frank de Boer, despite conflicting speculation. Some rumours suggest that he's not interested in the job whilst other reports believe he would still want the role if asked. Some bookies now made him odds-on, but still only a second favourite.
The odds over the last few days have seen former Manchester City boss Roberto Mancini become one of the favourites for the job but he has drifted back out again today, settling at about 12/1. The Galatasaray coach was well liked in England and could be tempted to work alongside compatriot Franco Baldini, who is Technical Director at White Hart Lane, but the bookmakers don't see anything in this link - yet.
Another Italian former Premier League manager who has seen his odds lengthen today is Carlo Ancelotti. The former Chelsea manager was always going to be a long shot having only taken the Real Madrid job last summer, and is now out to around 40/1 to be the next manager as he prepares for the Champions League final this weekend.
A week on from Sherwood's sacking and there has been no change in the favourite, with Southampton's Mauricio Pochettino still the hot choice to take the job. Reports today suggested that the Saints had already resigned themselves to losing their Argentine coach, and were beginning to look for possible replacements - which could mean that Spurs are getting ever closer to appointing their new manager.