Goals from Theo Walcott, Alexis Sanchez, Per Mertesacker and Olivier Giroud saw Arsenal romp to a 4-0 victory in a game which saw Villa fail to register a meaningful shot on target.
The disappointment came after Villa finished one place above the relegation zone in the Premier League and Sherwood has already told some players that they now have no future at Villa Park.
After the match he said: “There will be some changes.
“There will be as many as we can possibly do. We obviously know we need to improve and I think I can improve the group that are already here as well.
“I’ve done that since I’ve come to the club and I need to start improving a few more and find different ways to play, which suits some of the boys who haven’t played today.
“We’ll start immediately. Some of the boys have already been told they won’t be here next year or they can go and find other clubs. I like to be that honest with them.
“I don’t want to let experienced players be strung along because I don’t think it’s right. We will be bringing in additions.”
A dejected Sherwood paid tribute to Aston Villa’s supporters for standing by their team after several seasons of disappointment.
And he admitted he felt “sick” watching Arsene Wenger and his players lift the trophy that he had set his heart on winning.
“I feel sick and so do the boys in there,” he added.
“You can only know how good winning feels when you have to watch a team walk around with the cup at the end of a game. We don’t want to be going up those steps first.
“This team has scraped relegation for the last four seasons and that’s not good enough for a team like Aston Villa so we have to improve. We need to add to the squad, but not only that the group in the dressing room need to get better.
“We need to change some of their mentalities because they are quite used to losing football matches, which is not a good habit.
“The fans were great today and they have been fantastic all season. We are just sorry we couldn’t give them anything to cheer about today.”