Despite Sherwood's current role as an assistant at Tottenham Hotspur, Singh has refused to rule out approaching the Premier League side over a possible deal.
"It is certainly not true to say that I have already approached Spurs a week or so ago and been turned down," he told ESPN. "I haven't spoken to anyone as yet. Whether I do plan to talk to Spurs...no comment.
"The process is that we have been inundated with applications. There were quite a few and I would expect there would be even more arriving.
"Of course I have my own thoughts, but we have had far more applications than we anticipated so we have a lot to think about, and as the position is so important we don't plan to be rushed into any decision."
Sherwood guided Rovers to the Premier League title as captain in 1995 during a seven-year spell with the club.