Forward Danjuma, 25, had agreed a switch to Goodison Park -- even undergoing a medical -- before Spurs moved to convince the player to change his plans and move to North London.
The winger will now join Tottenham on loan until June 30, with no option included to make the move permanent, sources said. Villarreal are hopeful that he will play regularly and increase his market value ahead of a potential permanent transfer this summer.
Everton's 2-0 Premier League loss to West Ham on Saturday, Frank Lampard's subsequent firing and the club's unsettled situation had put Danjuma off going there, sources said.
Danjuma joined Villarreal from Bournemouth for €20 million in August 2021 and impressed in his first season in Spain, scoring 10 goals in LaLiga and helping them reach the Champions League semifinals, scoring six times.
The Premier League club have made two approaches for Porro, but Sporting have rejected both. They would like to receive a €45 million fee for the player, although Spurs believe they could agree a reduced deal, sources said.
The Spain international is determined to join Spurs and is pushing for a move, having already agreed personal terms.