The 25-year-old arrived at White Hart Lane in January 2011 from PSL outfit SuperSport United, but has been unable to cement his place in the Spurs first team and as a result spent loan spells with Reading and Preston North End.
However, the centre-back's stay with the Royals saw him play just four times before the deal was terminated and he has since spent his time in north London waiting to learn his fate.
Khumalo may not have to wait much longer though as PAOK are believed to be interested in his services, with a season-long loan deal being thrashed out between the two clubs.