Lankshear joined The U's on loan last summer from Premier League outfit Spurs and has been an icon in OX4.
Winning the club's men's Golden Boot and Young Player of the Season awards, the 21-year-old's performances in yellow and exemplary attitude off the pitch have seen fans fall enamoured with the forward.
Lankshear played 47 times and scored 12 goals in all competitions for a struggling Yellows side which suffered relegation to League One.
The young goal scorer stayed on the pitch the longest after Oxford's final game of the season, saying an emotional goodbye to The U's fans.
In a statement on their social media channels, the club said: "We can confirm that Will Lankshear has returned to his parent club, Tottenham Hotspur.
"Will made 46 appearances in all competitions this season, scoring 12 goals and earning our 2025/26 Golden Boot.
"A fantastic addition to the squad from the moment he arrived, Will embraced everything it means to represent Oxford United.
"Wishing you all the very best for the future, Will! You’ll always be a Yellow."
Lankshear returns to Spurs whose league status is still in the balance as they look to stave off relegation to the Championship in the late stages of the Premier League season.