The 25-year-old midfielder and former team-mate of Goran Bunjevcevic has signed a four-year deal to once again link up with Goran Bunjevcevic at White Hart Lane.
The final transfer of his registration from Red Star to Spurs will be completed once work permit formalities are concluded.
Milenko has won 39 caps for Slovenia and looks sure to feature in this summer's World Cup in Japan and South Korea.