Sherwood captained Rovers to the Premier League title in the 1994/95 season and has been one of the favourites to step into the Ewood Park hotseat since Steve Kean's departure last month.
Singh would have to negotiate a compensation package with Tottenham, where Sherwood holds the post of technical co-ordinator, and claims no approach has been made to the North London club at this stage despite reports to the contrary.
He told ESPN: "It is certainly not true to say that I have already approached Spurs a week or so ago and been turned down. I haven't spoken to anyone as yet. Whether I do plan to talk to Spurs... no comment.
"The process is that we have been inundated with applications. There were quite a few and I would expect there would be even more arriving.
"Of course I have my own thoughts, but we have had far more applications than we anticipated so we have a lot to think about, and as the position is so important we don't plan to be rushed into any decision."