The England winger has been on the sidelines with a hamstring problem since the Capital One Cup defeat to West Ham on December 18.
However, the 22-year-old has been passed fit for the trip to the Liberty Stadium after he came through a 45-minute run-out in the U21 side on Tuesday.
Townsend scored one goal and set up two more in a 4-1 win over Newcastle, and Sherwood was happy his contribution.
"Andros had a quiet one on Tuesday," Sherwood said with an ironic grin. "We all know what he can do. He gives us a different dimension.
"He had a flying start to the season and we are happy to have him back in the squad."
Sherwood has had to deploy Christian Eriksen on the left wing in recent weeks because the natural replacements for Townsend - Erik Lamela and Gylfi Sigurdsson - have been struggling with injury.
Watch Swansea v Tottenham as part of our Super Sunday bill this weekend. Coverage starts at 12.30pm on Sky Sports 1