Lennon, who joined Tottenham from Leeds United as a teenager in 2005 and has made 267 Premier League appearances for the club, has found it hard to nail down a first team spot this season under new manager Mauricio Pochettino.
At 27, however, England international Lennon is still highly-regarded and Everton manager Roberto Martinez apparently beat off interest from other clubs to sign Lennon.
He could make his debut in this weekend's derby with Liverpool.
"We all know what Aaron will bring to our squad with his experience and know-how, his involvement with England in two World Cups and the landmarks he has set in the Premier League," Martinez told Everton's website.
"Aaron will be a really important asset to our squad and he will represent a real boost in terms of attacking options from now to the end of the season.
"His pace and trickery will fit in well at Goodison."
(Reporting by Martyn Herman; editing by Justin Palmer)
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