What speed does the sprocket run?
How is the sprocket attached to the shaft, by a nut'n'washer?
Does it have a keyway?
You said sprocket, so I assume a chain.
Does it transmit power, or is it a tension/idler?
What material?
Either a 14.5 mm reamer or tapered reamer would do the trick.
Hand held may get the holesize right, but getting it true (so that the sprocket does not wobble) is hard.
A drill press will should yield a hole that's fairly true, but a lathe is best.
But a reamer will cost some bux (check McMast-Carr) , cheaper to just pay a machine shop.
As 914Driver suggested, if precision fit is not required, a rat-tail or small half round file.
But if it's soft material, carefully carve it with a sharp tool (like deburring the edge, but on the inside surface).
Carter