The midfielder was signed by Sherwood's predecessor Paul Lambert, but struggled to make an impact at Villa Park under the Scot.
However, following Sherwood's arrival, the 25-year-old has produced performances that have convinced the Villa boss to pursue a permanent deal.
"We're certainly interested in talking to Tom when the time is right," said Sherwood.
"Tom, his representatives and Aston Villa are willing to put this on the back burner, they know how important it is to stay in the Premier League, because after all Tom wouldn't want to join a club in the Championship.
"[But] I think there's a good chance we will try and do a deal and see if it is right for both parties.
"I've been pleased with Tom, I like him, I like what he adds to the side. He has a lot of energy, [and] he links the ball very well.
"I think he can add goals to his game, but he is certainly one of the names I put on the team sheet straight away."
