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.
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