The 25-year-old makes the move on deadline day to bolster Spurs' midfield.
Kranjcar joins Jermain Defoe and Peter Crouch as players Spurs have signed from Pompey since January, as the team Redknapp built at Fratton Park gets dismantled.
"I'm really delighted. I signed Niko for Portsmouth. He's a fantastic player," said Spurs manager Redknapp.
"I've already got two fantastic Croatian players - (Luka) Modric and Vedran Corluka - who can help him settle in."
Kranjcar should provide immediate cover for Modric, who fractured a bone in his leg against Birmingham City on Saturday.
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