The proposed three-year deal is worth 900m South African rand (£42.5m) and has been criticised by the parliament’s tourism committee.
Tourism Minister Lindiwe Sisulu told the committee that she had no knowledge of the deal.
“This deal, it ends here, today, now. Because there is everything wrong about the deal itself. There must be an investigation on this matter with immediate effect,” committee chairperson Tandi Mahambehlala said.
The proposed deal caused a backlash in South Africa and others in the country’s sporting community argue that the money could be better spent locally.
If the deal falls apart, it would mark a financial blow for Tottenham, who would have banked on the deal going through – the agreement included kit branding and matchday advertising.
Fellow London club Arsenal have a sponsorship deal with Rwanda.
Tottenham sit fifth in the Premier League table and are one point behind Newcastle United in fourth.
They’re also five points clear of Brighton and Hove Albion in sixth and are looking likely to secure a place in either the Champions League or Europa League this season.
Having beaten Manchester City on Sunday – where Harry Kane netted a record 267th goal for Tottenham – Spurs next play this weekend away to Leicester City before traveling to Italy to face ac Milan in the Round of 16 of the Champions League.