The Argentinean has failed to impress at White Hart Lane since his club record £30million switch from Roma in the summer, but Sherwood is confident that his winger will start to get back to his best.
Rumours circulated last week that Lamela was set to move back to Serie A with Roma, Juventus and Inter Milan hopeful of securing a deal.
Sherwood knows that the 21 year old is hoping to break into the Argentina squad for the World Cup next summer, but a loan move is not an option.
“We know what a talented player Erik is and we also understand how players need time to settle,” said Sherwood.
“He’s needing that time to acclimatise to a new country. He doesn’t speak English and with the tempo of the games, especially over the Christmas period when they come thick and fast, he hasn’t been 100 per cent fit.
“He won’t be leaving on loan in this transfer window.”