The Villa boss believes Petrov's successful battle with leukaemia will be able to help put their relegation battle in perspective.
Petrov retired in 2013 after being diagnosed with leukaemia in March 2012, although he went into remission in August of that year.
He was involved in the build up to Villa's crucial 2-1 win over West Brom on Tuesday which ended a run of seven straight defeats and took them out of the Barclays Premier League relegation zone.
And Sherwood hopes Petrov, who will help coach the first team, will be able to offer some clarity to his side.
"What Stan Petrov has gone through is life and death," he said, ahead of Saturday's FA Cup quarter final against Albion
"It is life-changing but playing a game of football is not life-changing.
"The players look at him and have a lot of admiration for what he's done as a player at this football club and in his life, what he's come through.
"For what he has been through and what he has given this club over a long period of time, why shouldn't we open our arms up to him?
"I want him to help like I wanted Ledley King at Tottenham to help out.
"There is no point bringing them back to be mascots, you need to bring them back if they can contribute.
"Stan can, he has come through his illness and showed great character.
"I've asked him to relax the players as much as possible
I will try to gain every possible advantage as I can."
The ex-Bulgaria international, 35, made 219 appearances for Villa between 2006 and 2012, scoring 12 goals.
He made a return to the club to help coach the under-21 side in in 2013 but took a step back in the August after finding it too much too soon after his illness.
Captain Ron Vlaar could return as he battles a calf injury, but Alan Hutton is suspended after reaching 10 bookings
Philippe Senderos has suffered a set-back in his recovery from a calf injury and is sidelined while Kieran Richardson, Aly Cissokho, Nathan Baker and Libor Kozak are out.
West Brom boss Tony Pulis insists he has no problem with Sherwood following the latter's comments about the size of the two midlands club
Prior to Tuesday's Barclays Premier League clash between the teams, Sherwood - a contender to take over as Baggies boss in the recent past - described Albion as a "good little club" before expressing his delight at having landed the manager's job at a "massive football club" like Villa.
Then, after his side won 2-1 in the game at Villa Park, Sherwood again made an apparent dig at West Brom, saying they will "have to improve" for the next meeting - Saturday's FA Cup quarter-final at the same venue - if they are going stop the hosts triumphing again.
But Pulis said ahead of this weekend's derby: "That is Tim - there are no problems with me or the chairman at all.
"Tim is Tim and he will be good fun for everyone around the West Midlands for the time he is at Aston Villa I'm sure."
Pulis stressed West Brom will not need to use either the words of Sherwood, for whom the win on Tuesday was his first since taking the Villa post last month, or the disappointment of their defeat in that game to generate any additional motivation for Saturday's contest.
With his players only one match away from a Wembley semi-final, Pulis - a beaten FA Cup finalist in 2011 as Stoke boss - said: "I don't need to pin that (Sherwood's comments) up in the changing room.
"We have a good group of lads here and they will want to win the game as much as Villa will.
"I don't think we need any (extra) motivation
It's a local derby, it's the quarter-final of the FA Cup and it's absolutely wonderful that we've got to this stage
These are big games that everybody should look forward to and we will certainly be looking forward to it.
"We've got as good a chance (of winning the competition) as any of the eight teams left in there.
"You go and ask Bradford
They will fancy winning it as well."
West Brom will be without injured forward Victor Anichebe (groin) and cup-tied midfielder Darren Fletcher for Saturday's tie.
Pulis has a few ''knocks and niggles'' to assess - winger Callum McManaman (foot) is doubtful, while Saido Berahino and Brown Ideye have both been playing recently with pain-killing injections.
Pulis also said the club ''have to go carefully'' with Stephane Sessegnon, with the forward understood to have suffered a family bereavement.
Source : PA
Source: PA