The Championship outfit are looking for a new boss after sacking Steve McClaren on Monday, with the club languishing in 17th place.
The Evening Standard says that Sherwood is the club’s preferred choice to take over at Loftus Road.
He has not held a management job since leaving Aston Villa in 2015, but established a strong relationship with current QPR director of football Les Ferdinand when they worked together at Spurs.
Sherwood is understood to be at the top of the shortlist of candidates but will require assurances over the club’s plans and finances.
Other candidates are Wycombe Wanderers manager Gareth Ainsworth, a former QPR player who twice served as a caretaker manager for the club in the past, and Charlton boss Lee Bowyer.
Rangers are currently eight points clear of the relegation zone with seven rounds of the Championship season remaining.
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