The FIGC said in a statement that the change, which will come into effect for the 2011/12 season, had been unanimously approved at a meeting of the federation.
"The return of the two non-EU players is important for Italian football and will enable teams to recover their competitiveness," Serie A president Maurizio Beretta (pictured) told the league's website.
The restrictions were imposed a year ago following Italy's first-round exit at the 2010 World Cup and were aimed at encouraging clubs to invest in local talent.
Top clubs say the move backfired as it has put them at a disadvantage against their European rivals, with no Italian clubs progressing past the quarter-finals of the Champions League last season.
'Andy Robertson has a decision to make as a player, where you either roll your sleeves up and give someone great competition or you accept decisions and say that your time is done.' Alan Shearer on the conundrum facing Arne Slot's Liverpool
'He’s better than anything Manchester United or Chelsea have got up front, so the answer is simple: it’s inevitable that he’ll be linked with massive football clubs because he’s a really good talent.' Alan Shearer on the next superstar on the move
