Cellino failed the Football League's owners and directors' test after being found guilty of not paying import duties on a boat by an Italian court.
However, an independent QC has now overturned the League's decision, seemingly clearing the way for Cellino, who also runs Serie A club Cagliari, to take charge at Elland Road.
Leeds have endured a disappointing season in the Championship, and sit 16th following Saturday's 1-0 loss at Wigan Athletic.
But Cellino, who purchased 75 per cent of the club's shares in February as his Eleonora Sport firm exchanged contracts with Gulf Finance House Capital, has lofty ambitions for the Yorkshire club.
"I don't want to make promises I can't keep and I admit it will be difficult to get promotion next season," Cellino told The Sun on Sunday.
"But in 2015-16 we will earn our way back to the Premier League, which is where Leeds belong.
"A lot of work needs to be done on the squad. We need new players. In the summer, we will buy some players. I want to focus on English and international players."
Cellino had been involved in a disagreement with GFH Capital over the responsibility for the club's running costs, including player wages.
The Italian's takeover ends fears that the club could slip into administration, and Cellino has pledged to pay all unpaid wages as well as repurchasing Elland Road and Leeds' Thorp Arch training ground.
He added: "Next week I will go to the bank and buy back Elland Road and Thorp Arch. And on Monday I will pay all the wages."
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