Defoe has played his last game for the north London club as he prepares for a new chapter in Canada with MLS side Toronto, a hamstring injury ruling him out of Thursday's Europa League clash with FC Dnipro.
That means the 31-year-old is denied one final chance to add to the 143 goals he has scored for Spurs in two spells, but he will be on the pitch at White Hart Lane at half-time to bid farewell to the club's supporters.
Sherwood said: "Jermain Defoe is, possibly along with Jimmy Greaves, one of the best goalscorers this club has ever seen.
"Let's hope we can find another one like Jermain Defoe because he is all about goals and he always played with all his heart whenever he put on the shirt.
"Everyone appreciated his efforts and he certainly is a legend at this football club."
Full-back Kyle Naughton echoed his manager's comments, as he added: "He's been great for us and he's scored loads of goals.
"He's great to play with, giving it to him and letting him do his business. He was a fans' favourite and one of the best finishers I've come across. He will be missed."