The Leeds president was disqualified from the Championship outfit in January over a case of tax evasion in his home country, with the initial suspension lasting until April 10.
However, with the outstanding disciplinary proceedings against him now resolved, he will not be able to return to Elland Road until May 3 - though it remains to be seen whether he will.
"The Football League, Leeds United and Massimo Cellino have settled the outstanding disciplinary proceedings relating to the club’s non-disclosure of the Italian Court’s judgment regarding Mr. Cellino, as required under League regulations," read a statement from the club and the Football League.
"The club and Mr. Cellino have decided in the interests of the club, its players and supporters not to contest this charge.
"As a result, Mr. Cellino's period of disqualification as a 'relevant person', as defined by the regulations, has now been extended from April 10 until May 3, the day after the conclusion of the 2014/15 league season.
"Mr Cellino's right to challenge the decision of the Professional Conduct Committee under Football Association Rule K is unaffected by this settlement."
