The France international is reportedly the target of Paris Saint-Germain following his impressive performances for Spurs this season and could be lured away by the prospect of Champions League football.
Sherwood told reporters: "He is one of the best keepers around. Of course, people are going to want him. But I'm also sure the club won't be tempted to get rid of him.
"He is one of the top goalies and unless someone is going to spend £100m on him – and keepers do not get bought for that money – I don't think he will leave.
"It was only that kind of figure that tempted the club to sell Gareth Bale – and he desperately wanted to leave and progress his career at Real Madrid. He hasn't got to play a blinder for France at the World Cup because people already know what he can do. They know he is a fantastic goalie."
Lloris joined Spurs for £11m in 2012 from Lyon.