It has been suggested that Sherwood is looking to bolster his defensive options by bringing in the 31-year-old England international on a six-month loan deal.
However, Sherwood insists he currently has no specific plans to strengthen his squad and his priority is getting all his injured players fit and playing again.
He said: "I don't think we need players here. We need to get them fit, the ones we have got, and then if anyone springs up who could really make us better, our 11, then possibly we will go in.
"I think the club have always backed their managers and I don't think they will be different with me, but I really think we are fine once we get everyone fit.
"We are just looking in that treatment room and seeing if it can empty a little bit and when it does we can assess what we need and what we might need.
"He (Lescott) is a good player and there are lot of good players at different clubs, but he is with Man City at the moment so we can't comment on that."
Meanwhile, City manager Manuel Pellegrini claims there has been no contact about Lescott, who has also been linked with a loan move to West Ham.
He said: "Joleon Lescott is a very important player for us. I understand that he finishes his contract here in June and we will see what happens in the future but for the moment he is still here and I repeat he is a very useful player for our team."
Pellegrini also insists he has not cleared Lescott to leave the club on loan although it remains a possibility for later in the month.
He added: "At this moment we are not considering it (a loan) but we will see in the future during the transfer window what will happen."