The 45-year-old was dismissed by the club on Tuesday with over a year left on his contract at White Hart Lane.
Sherwood guided Spurs to a sixth-placed finish in the Premier League table during his brief spell in charge of the team.
"I love the development phase of football and if I knew it was a five-month job stepping up I wouldn't have done it," he told Sky Sports News.
"As a manager your head's going to be on the block and it might be a short tenure, and in the end it proved that. I didn't anticipate it would be as short as it actually was. I thought that if I had 18 months there I would definitely take the club forward."
Current Ajax coach Frank de Boer is among the favourties to replace Sherwood at Tottenham.