The 23-year-old has been arguably one of the best players for Villa this season, and he has been repeatedly linked with a move to Spurs.
Villa blocked all moves for him, and the player signed a new five-year contract instead. With Villa now back in the Premier League, the chances of him moving elsewhere are now less.
Grealish was given the armband by manager Dean Smith as he guided the side to a 2-1 win in the Championship play-off final against Derby County.
Alli was delighted for his England youth team-mate and sent him a message via his Instagram story.
Grealish admitted that a move away from the club had looked likely a few months ago. However, he is now expected to stay at Aston Villa for the upcoming season.