He made his Spurs debut on 9 January scoring in the 3-0 FA Cup third round win over Charlton.
Like Aston Villa striker Andreas Weimann, Townsend can be re-called from Vicarage Road with 24 hours notice.
Townsend has spent the last three seasons playing his football out on loan.
Of course we'll have to see both him and Weimann play before passing judgement, but they sound like two very talented attackers
bring-back-tamas
He scored once in 10 games for Yeovil at the back end of the 2008/09 campaign and then had spells with Leyton Orient and MK Dons the season after, scoring twice for each club.
Ipswich secured a season-long switch for the wideman in August but the deal was cut short when he
fell out of favour
with Roy Keane, who was Town boss at the time .
Weimann joined the Hornets
until the end of the season from Villa on Wednesday.
Source: BBC Sport
Source: BBC Sport