The Spurs boss believes that the Real Madrid star's goals and assists on top of their current points haul would place them in contention for honours.
"Last year, he scored 21 goals for Tottenham and made nine assists. He scored a winner in eight of our games. We could do with him right now," Sherwood told reporters.
"If you put what he accumulated last year on top of what we've got, we would probably be challenging for the title."
Weighing in on Bale's first season in La Liga, Sherwood insists that his world-record transfer fee is looking like money well spent, based on the Welshman's current form.
"His fee looks cheap now! If he is going to deliver them the European Cup - which it looks like he might do – then that looks good business," he added.
"When he was running on the track, he would run past three old ladies eating a hamburger and come back on the pitch and still be fastest to the ball.
"I never had any concerns that he would settle out there because he is married to the game."
Bale scored the winning goal as Real defeated Barcelona 2-1 to claim this season's Copa del Rey on Wednesday evening.