The 21-year-old has been given a new lease of life at Highfield Road after being initially told he was surplus to requirements with the Division One outfit earlier in the season.
McSheffrey had a successful loan spell at Second Division side Luton Town and he scored Coventry's opening goal in the FA Cup third round success against Peterborough United.
McSheffrey believes that his future would be made more clear if he was to come off the transfer list, despite interest in him from Barry Fry's side last month.
"I know there have been enquiries from other clubs including Peterborough and the answer has been 'not yet, we will wait and see what happens,' but it is not nice to be linked with transfers unless people want to buy you for having done well," McSheffrey told the Coventry Evening Telegraph.
"If I was to come off the transfer list, it would make things a lot more comfortable for me.
"I want to play every game for Coventry this season and if I am on the teamsheet, it is up to me to stay in the side for the next game.
"If Eric Black and Gary Mills give me that chance then hopefully I can take it.
"That's all I had in my mind, to stay in the team for the next game."
