Belgium midfielder Mousa Dembele missed the club's 1-1 draw at Hull City last weekend with an ankle injury but is back in contention for the visit to White Hart Lane of Roberto Martinez's side.
He said Tottenham's top-four hopes are on the line heading into a clash with the team that lie one place above them in fifth, and Sherwood finds it hard to disagree with the former Fulham man.
"It's important because it's the next one and it's a team who are in and around us," he said.
"I think possibly the team who finishes fourth will be the one who takes the most points off the teams in and around them, and that includes Everton.
"It's very, very important and I'm glad that the players think it's as important as I do because they'll be reminded that it is a crucial game and it could be a springboard for us to go on a nice run again."
Tottenham travel to the north-east next Wednesday to face Newcastle, who currently lie eighth in the Premier League, and Sherwood expects Alan Pardew's side to be in contention for a top-four spot come the end of the season.
"I think they'll be in the battle for fourth," he said. "If they get a favourable result this weekend, we're playing them in midweek and if they were to beat us then they're still in it.
"It's open for any team to put a run together. There are teams up and around that spot who can put a nice run together and elevate themselves up there.
"I think the top three are away and are possibly away too far for anyone to catch."