The 20-year-old had extremely large boots to fill upon his arrival from Rosario Central over the summer, joining on a six-year contract as a long-term replacement for Bayern Munich-bound Harry Kane.
However, with Son Heung-min, Richarlison and now Timo Werner also providing central options for Ange Postecoglou, Veliz has been restricted to just 42 minutes of Premier League football across eight substitute outings.
Veliz opened his Tottenham account in December's 4-2 loss to Brighton & Hove Albion, but just three days later against Bournemouth, he was cruelly forced to leave the field with a knee injury, which is expected to sideline him until March.
In spite of the fact that the 2003-born attacker will not be available for another few weeks, Sevilla have welcomed him to Spain for the second half of the new term, and the Palanganas have confirmed that his deal does not include an option or obligation to make permanent.
Despite winning a record-extending seventh Europa League crown last season, Sevilla are embroiled in a relegation scrap in La Liga this season, occupying 16th place in the table and sitting just one point clear of the drop zone.
Veliz is the second Premier League player to join Sevilla on loan in the January transfer window, following Manchester United playmaker Hannibal Mejbri to the Ramon Sanchez-Pizjuan Stadium.