Matty headed across to West Ham on Tuesday and was unveiled by the Upton Park side, while Kanoute arrived for his first day at Spurs Lodge.
Glenn admitted that the 21-year-old's progress in pre-season made it a difficult decision to let him go, but a necessary one in order to complete the capture of Kanoute.
"It was difficult, Matthew has been doing very well, but it was part of the deal to get it done and I wish him all the very best," said Glenn.
"He's done well and has improved over the last 12 months, but it is the way we've had to look at it and we needed to strengthen the squad in another area."
Glenn Hoddle revealed that the inclusion of Matthew Etherington as part of the Fredi Kanoute transfer was a tough call to make.