The close-season acquisition has not played for the club this year, having suffered a back injury that looked set to rule him out of Alejandro Sabella's Argentina squad for the FIFA World Cup in Brazil.
Lamela, who featured twice for Argentina during their World Cup qualifying campaign, missed a friendly with Romania earlier this month - the final Argentina fixture before Sabella names his travelling party.
Yet there remains hope of him featuring in Brazil after club boss Sherwood revealed he may be available before the Premier League campaign concludes.
"He's back now at the training ground; he's having rehab. It's slowly, slowly, he's getting closer, as you would expect," said Sherwood on Wednesday.
"There was a problem with his thigh, then they diagnosed the problem with his back. (He is) having continued treatment and now he's started rehab.
"We're hoping to have him back before the end of the season but there are no guarantees with that."
Lamela has featured 17 times for Spurs this season, scoring his only Tottenham goal in a UEFA Europa League win over Sheriff in November.
