Chimbonda moved in the opposite direction last year as part of a collective deal that saw Teemu Tainio and Steed Malbranque trade White Hart Lane for Wearside.
Sbragia confirmed Chimbonda has travelled to London to undergo a medical at Tottenham on Monday.
Sbragia said: "Since he came to the club he's struggled to settle. We had an opportunity to maybe make things a little bit happier for him.
"He's in London, he's having a medical down there, but if it doesn't work out, we'll be pleased to see him back."
The return of Chimbonda, following the signing of another player recently discarded by Tottenham, Jermain Defoe, would be a controversial one after the player's relationship with the previous management team and fans soured towards the end of the Frenchman's time there.
It would also require Premier League approval, coming within the same season as the original transfer, and would see Chimbonda on a reduced contract to that which he previously had.
Tottenham's dealings with Sunderland may also be complicated with the ongoing ill-feeling surrounding Tottenham's attempts to sign striker Kenwyne Jones.
Redknapp angered manager Ricky Sbagria by going public with his desire to sign the player, though Redknapp has not given up hope that a deal can be struck.
Sbagria has been vehement in his position that none of his better players will be sold this January, saying "Kenwyne will be a Sunderland player, he'll be here after the deadline," but an offer of £6 million plus Darren Bent could test his resolve.