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.
'Manchester United look confused about what they're being asked to do - he's certainly not getting the best out of them., I wouldn't bet a single penny on them getting to the next round' Alan Shearer issues damning verdict of Europa League hopes
'Pardew showed me a video of Shearer’s goals. Control, bam! Control, turn, bam! I was stunned, then said, "Give me that shirt, I always take number nine"': Newcastle cult hero recalls making confident move upon signing for Magpies 13 years ago
