The Villa manager admitted, though, his position could be in doubt if any deal is done for the Barclays Premier League club.
Adams has been linked by Sky News with a move for Villa as part of a consortium along with former Chelsea executive Paul Smith.
Owner Randy Lerner is in the country and was at the club's Bodymoor Heath training ground on Thursday, although it was just a routine trip.
Sherwood said he was unaware of a takeover in the offing.
He said: "I haven't heard anything
I'm working for the football club, not the individuals who are here
It's one of the biggest clubs in English football
I'm happy to be here and proud to be the manager
"I know Tony but only through playing
He's a good guy, I have a lot of respect for Tony.
"It's out of my hands - if the club's up for sale a decision will be made if a fee is agreed
But Randy has given me no indication he's lost any enthusiasm for this job
He's excited about what's happening at the moment.
"He's not keeping me on board with any developments.
"If something happens it's up to the someone who comes in to decide whether they want Tim Sherwood as their manager."
Villa host West Ham on Saturday, and stand just two points above the relegation zone with three games to go.
Sherwood was criticised by Roy Keane in an updated version of his autobiography - The Second Half - with the former Villa assistant manager claiming Sherwood was positioning himself for the job by coming to games when former boss Paul Lambert was under pressure.
But Sherwood refused to bite back and insisted he just wanted to watch matches.
He said: "I say nothing to that
I went to a lot of football matches, probably 20, 30 while I was out of work
That's what I do
If that's a formula to get yourself a job next time I'm out of work I'll position myself at the Nou Camp or the Bernabeu.
"I think Aston Villa was probably the only club I wasn't linked with."
Sherwood also confirmed Gabby Agbonlahor is back from a hamstring injury which had sidelined him for three weeks.
Source : PA
Source: PA