Konchesky was dismissed after clashing with Villa right-back Alan Hutton, who reacted angrily to a tough tackle from the former England man.
Confusion over whether Konchesky had been shown a red card by referee Craig Pawson for the initial tackle or subsequent clash with the Scot reigned after the match.
However, after confirmation that Konchesky had been dismissed for violent conduct, Leicester appealed the decision and the left-back will be available for Saturday's Premier League clash with Manchester City.
The Football Association posted on Twitter on Tuesday: "Leicester City's Paul Konchesky, who was dismissed for violent conduct in the game against Aston Villa on 7 December 2014 will not serve a suspension after claim of wrongful dismissal was upheld following an Independent Regulatory Commission hearing."
