Given a manifold N and a number m, we study the following question: is the set of isotopy classes of embeddings N → S m finite? In case when the manifold N is a sphere the answer was given by A. Haefliger in 1966. In case when the manifold N is a disjoint union of spheres the answer was given by D. Crowley, S. Ferry and the author in 2011. We consider the next natural case when N is a product of two spheres. In the following theorem, F CS(i, j) ⊂ Z 2 is a specific set depending only on the parity of i and j which is defined in the paper.Theorem. Assume that m > 2p + q + 2 and m < p + 3q/2 + 2. Then the set of C 1 -isotopy classes of C 1 -smooth embeddings S p × S q → S m is infinite if and only if either q + 1 or p + q + 1 is divisible by 4, or there exists a point (x, y) Our approach is based on a group structure on the set of embeddings and a new exact sequence, which in some sense reduces the classification of embeddings S p × S q → S m to the classification of embeddings S p+q ⊔ S q → S m and D p × S q → S m . The latter classification problems are reduced to homotopy ones, which are solved rationally.