Sherwood has just seen Fabian Delph and Christian Benteke leave Villa Park to join Premier League rivals Manchester City and Liverpool respectively.
Whilst the duo leave big holes to fill, Sherwood now has plenty of money to spend - and needs reinforcements ahead of the new Premier League campaign.
However, The Mirror believe that Sherwood is 'frustrated' having tried to sign Tottenham midfielder Joshua Onomah, with Spurs confirming on their official website earlier this week that the teenager has signed a new contract extension to stay at White Hart Lane.
The 18-year-old midfielder has come up through the ranks at Spurs, and is expected to make the jump to the first team at some point in the near future - just as Danny Rose, Ryan Mason, Nabil Bentaleb, Andros Townsend and Harry Kane have.
With Onomah choosing to stay at Tottenham, Villa have missed out on signing the prospect - but return to the transfer market for new signings.
Will Onomah emerge this season?
Onomah has made one first team appearance for Spurs so far, but having sold Benjamin Stambouli, Etienne Capoue and Paulinho, Tottenham may offer a chance to a youngster in midfield.
New signing Dele Alli may be first in line, but Onomah could see some action in cup matches under Mauricio Pochettino - and that's exactly how Harry Kane started his rise to stardom.
Spurs clearly have faith in Onomah to make an impact in the first team at some stage having handed him a new contract, but at just 18, there is no rush to thrust him into the starting XI this coming season.