But the man who lifted the Premier League trophy at Ewood Park 15 years ago says he has not been approached by Rovers' new Indian owners, the Venky's Group.
Sherwood, currently assistant coach at Tottenham under Harry Redknapp, has been linked as a potential successor to Allardyce by bookmakers who have installed Martin Jol and former Newcastle boss Chris Hughton among the favourites to take over.
Sherwood said: "I'm happy doing what I'm doing. I'm happy learning under the best manager you could possibly have at the moment.
"I'm busy gaining my qualifications at a great club but who knows when new opportunities arise? I have not been approached but 100% I want to be a manager.
"Blackburn are a great club, a fantastic club, the best club I've ever played for even if they were not the biggest. They have a great academy and training facilities and a good ground. I know John Williams (the Blackburn chairman) well, he was the chief executive when I was there."
Source: PA
Source: PA