Tottenham Hotspur are planning a bid for Lyon striker Bafetimbi Gomis, according to the Metro.
The Spurs are in the market for a striker to replace Jermain Defoe who has been linked with a move out of the club in January. Gomis, whose contract ends at the end of the season, is expected to be available for a cut price deal of £5m.
Newcastle and Rubin Kazan, who were in for him last summer are likely to challenge Tottenham for his signature. Lyon are willing to let him go in January at the end of the season and Sherwood is confident that he can come in and have a positive impact at the club.
Tottenham have failed to find the net on a regular basis this season, with Roberto Soldado not living up to his expectations. The Spaniard has found it difficult to find the net on a regular basis and Sherwood is looking to liven things up front with a new signing.
The 44-year-old has been told that he will have money to spend in January but not much to prepare a splurge. The Spurs have spent more than £100m this season following the transfer of Gareth Bale to Real Madrid and are unlikely to dig deep to allow Sherwood a proper go in the market.
The north London club are currently eighth in the table, trailing Manchester United on goal difference and will take on the Red Devils on New Year's Day as they look to bolster their position en route to the top four.
Sherwood, who has been handed a deal till 2015, will be hoping that Emmanuel Adebayor, who scored against Southampton, will return to his brilliant best and give Spurs a route out of their goal scoring drought.
Tottenham also have a FA Cup fixture against arch rivals Arsenal on 4 January, where a win will go a long way in reviving their Champions League aspirations.