The duo were absent from Sherwood's Tottenham line-up for Sunday's 1-0 Premier League win over Cardiff City.
Walker was unavailable due to a hip complaint, while Eriksen missed out due to a back injury.
Both players are now set to miss Wednesday's clash between England and Denmark at Wembley, which serves as valuable FIFA World Cup preparation for Roy Hodgson's men.
Asked about Walker's chances of representing England, Sherwood said: "He won't be fit to play.
"He was not fit to play here (against Cardiff), so he won't be fit unfortunately for England.
"But the good news for England is that Christian Eriksen won't be fit either."
Sherwood remains hopeful that Walker and Eriksen, as well as defender Younes Kaboul (calf), could feature for Tottenham at Premier League leaders Chelsea next weekend.
"We're getting healthier in the squad," he added.
"Hopefully by next week Younes Kaboul and Kyle Walker will be fit enough, and possibly Christian."
