Townsend has been out of action since suffering a hamstring injury in December but he could make his first appearance in nine games against the Toffees.
"We're positive on Andros and he has a chance, he's up for selection," Sherwood told the club's official website. "He's champing at the bit to return."
Dembele was forced to sit out last Saturday's 1-1 draw with Hull City could start at Goodison Park on Sunday, according to the Spurs head coach.
"He's fine. He's back out training again and he's in the frame to start against Everton," Sherwood added.
Spurs are currently sixth in the Premier League, one point behind Everton.