The South African defender has yet to make a first-team appearance for Spurs since moving to White Hart Lane from SuperSport United in January 2011.
"I am very happy to be here," Khumalo told reporters following his arrival in Greece.
"I know that I have come to a club with thousands of fans. I want to help the team to reach their targets.
"I chose PAOK because I believe that we can do something really good next season. I saw them playing last year against Tottenham and I knew that they are a club with ambitions in the European competitions."