Sheringham was told by Spurs that they would not be renewing his contract when his present deal expires in the summer and the former England international will become a free agent at the end of the season.
"I wouldn't rule it out in the sense he's a great player," McGhee told BBC radio London.
"I've been a fan of Teddy's forever. He could still do a job for a team at our level but I think we'll have to wait and see.
"At the moment we can't afford Teddy Sheringham so there would have to be a certain amount of charity involved from Teddy's point of view, but it's not out of the question."