Wolves have completed the signing of Adam Le Fondre on a season-long loan from Cardiff.
Brazilian right-back Rafael has agreed to move to Lyon from Manchester United.
Bentley left Rovers to join Spurs in a £17million deal in 2008, but despite finding success initially, the midfielder soon fell out of favour at the north London club.
Bentley has spent the last two years on loan at West Ham, Birmingham and Russian side Rostov and has not played for his parent club since November 2010.
Andre Villas-Boas made it clear that the 28-year-old is not part of his plans for the rest of the season so he has decided to let the player re-join the club where he enjoyed the most successful years of his career.
Bentley joined the Lancashire club from Arsenal in 2005 and helped them qualify for the UEFA Cup the following season.
The winger went on to earn his first of seven England caps in 2007. He was hailed as the 'new David Beckham' and Spurs broke their transfer record to sign the player five years ago.
He soon fell down the pecking order at White Hart Lane, despite a memorable long-range strike against the club's bitter rivals Arsenal in October 2008.
Perhaps the most memorable moment of his time at Spurs was when he soaked Harry Redknapp during a TV interview shortly after the team had qualified for the Champions League at Manchester City.