I think so: it is the Galois subextension $K/k$ of $\overline{k}/k$ cut out by the Galois representation on the character group of $T$ (I will freely use the anti-equivalence between tori and integral representations stated precisely, e.g., in B.3.6 of http://math.stanford.edu/~conrad/papers/luminysga3.pdf ). This $K$ certainly splits $T$. On the other hand, if a subextension $L/k$ splits $T$, then, looking at $\pi_1(L, \overline{k}) \rightarrow \pi_1(k, \overline{k})$, every automorphism of the fiber functor of $L$ must induce the trivial automorphism on the pullback to $L$ of the Galois cover $K/k$. In other words, this pullback splits completely, meaning that $L$ contains the roots of a polynomial defining $K/k$ in $\overline{k}/k$, i.e., $L$ contains $K$.