With his side just two points clear of the relegation zone ahead of the Devon derby with rivals Exeter on Saturday, Sheridan wants his side to be focusing on the fight for survival.
Sheridan signed a deal until the end of the season when he was appointed and several first-team regulars will also be out of the contract at the end of the campaign.
"I don't know what my circumstances are going to be," he told the Plymouth Herald. "Obviously, players would like to know what's happening with them, or what my thoughts are of contracts.
"That's only right. They have got families and they have got to live. But I have spoken to the chairman and the people involved and I think its right we deal with it once we know where the club lies."
Argyle have picked up 11 points from their last six games but they still have to face four of the division's top seven - starting with Paul Tisdale's Grecians this weekend.