The owner was looking to leave after officially putting the club on the market last year, but after failing to sell he gave Sherwood the green light to spend.
Barcelona's Adama Traore is close to becoming Villa's 10th signing of the summer ahead of Friday's Barclays Premier League match against Manchester United.
Rudy Gestede, Idrissa Gueye, Jordan Ayew and Jordan Amavi are among the summer arrivals at Villa as Sherwood rebuilds the squad following the exits of Christian Benteke and Fabian Delph.
It is a change of direction from Lerner after he clamped down on spending under former boss Paul Lambert, and Sherwood is grateful.
"He doesn't have to talk
He is showing it by his actions that he is willing to back this football club and take us in the correct direction," he said.
"I think a football club is like a player, you're always for sale depending on what someone wants to pay
If someone wants to pay a huge amount of money and Randy decides he wants to sell then it's his decision.
"In the meantime he is not sitting on his hands, he is actively trying to do something to improve this club.
"It's good the club have backed me and it needed change
We have sold a lot of players and we brought in a lot of money
The owner has not put that back in to his pocket, he has reinvested it into the squad."
Villa host United on Friday but will be without Carles Gil (ankle), Jack Grealish (hamstring) and Jores Okore (knee).
They beat Bournemouth 1-0 on the opening day, thanks to Gestede's debut goal, and Sherwood believes they can topple Louis van Gaal's side.
"It's a transition period for them again, as it was last season
They have brought in a lot of new players," he said.
"I think every team has their own problems early in the season
It's never fluid but we fancy ourselves against Manchester United
We fancy ourselves against any team."
Source : PA
Source: PA