Lloris, 27, pulled off a string of fine saves including a penalty from Steve Sidwell as Spurs beat Fulham 3-1 at White Hart Lane on Saturday.
With Spurs' hopes of Champions League football all but gone, there has been speculation the France No.1 may look to leave at the end of the season but Sherwood denied the player has made such a demand.
"Hugo has never, ever said that we must get into the Champions League or he'll go elsewhere I don't think. Without a doubt, no-one wants him to leave," Sherwood said.
"He is a top-drawer goalkeeper - a genuine world-class player. He doesn't say a lot, just gets on with it, and when he's needed he's done brilliantly."
Tottenham supporters have become increasingly dismayed with the club's tendency to sell their best players, with the likes of Dimitar Berbatov, Luka Modric and Gareth Bale departing for large transfer fees in recent seasons.
And Sherwood insists the club must change this policy if they hope to compete with the biggest clubs for the biggest trophies in both England and Europe.
"If we keep our world-class players we'll be better," he said. "It's very hard when you lose a player of Bale's qualities - he was a big loss.
"It obviously helps if players stay. I'm sure the chairman and the hierarchy did their best to keep them but in the end they decided it was right for the club to sell.
"We have to look at the seven players we've signed and say it took players like Modric a bit of time, and they will be better for the Premier League experience they've had this season."