The 43-year-old, who captained Rovers to the 1995 Premier League title, has emerged as a contender to succeed Steve Kean at Ewood Park following the Scot's resignation on Friday night. But Sherwood, who has been part of Spurs' coaching set-up since 2008, insisted on Sunday that he was happy in his current post.
"That's all they are - just rumours," he told Press Association Sport. "That's all I know about it. I've got a great job where I am. There ain't nothing to consider. It's just speculation."
He added: "I love what I do. I'm happy at the football club - it's a great project."
Tottenham manager Andre Villas-Boas on Saturday night acknowledged Sherwood would have a tough decision to make if he was approached by the npower Championship club.
"I can't comment on the Blackburn situation because I have Steve Kean as a friend and I respect him," the Portuguese said.
"But if Tim is a candidate, he has to make a personal decision and speak to the club."