The iconic German – winner of the FIFA World Cup as a player with West Germany in 1974 and then as coach in 1990 – was punished by world football's governing body earlier this month after refusing to cooperate with a committee enquiry.
Yet FIFA have now overturned those sanctions.
A statement from Marcus Hofl Management, who represent the 68-year-old, read: "FIFA informed Franz Beckenbauer on Friday 27th June 2014 that the provisional suspension, which was pronounced at 13th of June, terminates with immediate effect."
Despite having his ban lifted, Beckenbauer has no plans to fly out to the ongoing FIFA World Cup in Brazil.
"Separate from the decision of FIFA, MHM as management and the partners of Franz Beckenbauer decided that Franz Beckenbauer will not travel to the World Cup," the statement continued.
