Sherwood stepped up from a coaching role to replace Andre Villas-Boas and into an 18-month contract, and along with former Toon striker Les Ferdinand, the pair have won over the fans.
The deal is due to run until the end of the 2014/15 campaign, by which time Sherwood will hope to have shown that he has a bright future in Premier League management.
Younes Kaboul: "He deserves it. He knows the club very well, he's been here for a long time and he knows exactly what he's doing.
"He learned a lot in the past and the best fact is that he played football at a high level. He won the title with Blackburn in 1995, so he has plenty of experience. His playing career is important because he knows what it's like for us.
"We don't waste time on other stuff because he went through everything and he understands. He knows the game perfectly.
"I remember that when Harry Redknapp was manager, Tim and Les Ferdinand and Chris Ramsey would come to nearly every game.
"Wherever we were playing, it didn't matter, they would be there. They would talk to us about how to deal better with certain situations on the pitch, and even then I could see Tim becoming a manager.
"He just had to be patient and wait for his chance."