Manchester United manager Louis van Gaal has refused to rule out the possibility of signing goalkeeper Victor Valdes.
Manchester City boss Manuel Pellegrini says he is confident that England goalkeeper Joe Hart will sign a new contract.
The Pilgrims are currently in the relegation zone, announced the news on their official website.
They have been without a boss since they sacked Carl Fletcher on New Year's Day.
Sheridan has previously been in charge at Oldham and Chesterfield but has been out of work since the latter relieved him of his duties back in August.